Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Feb. 20, 2026 |
|
| Cover [Abstract] | ||
| Document Type | 10-K | |
| Amendment Flag | false | |
| Document Period End Date | Dec. 31, 2025 | |
| Document Fiscal Year Focus | 2025 | |
| Document Fiscal Period Focus | FY | |
| Trading Symbol | MKTX | |
| Entity Registrant Name | MARKETAXESS HOLDINGS INC. | |
| Entity Central Index Key | 0001278021 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Well-known Seasoned Issuer | Yes | |
| Entity Current Reporting Status | Yes | |
| ICFR Auditor Attestation Flag | true | |
| Document Financial Statement Error Correction [Flag] | false | |
| Entity Small Business | false | |
| Entity Emerging Growth Company | false | |
| Entity Shell Company | false | |
| Entity Voluntary Filers | No | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 35,548,265 | |
| Entity Public Float | $ 7.3 | |
| Entity Interactive Data Current | Yes | |
| Title of 12(b) Security | Common Stock, $0.003 par value | |
| Security Exchange Name | NASDAQ | |
| Entity File Number | 001-34091 | |
| Entity Incorporation, State or Country Code | DE | |
| Entity Tax Identification Number | 52-2230784 | |
| Entity Address, Address Line One | 55 Hudson Yards | |
| Entity Address, City or Town | New York | |
| Entity Address, State or Province | NY | |
| Entity Address, Postal Zip Code | 10001 | |
| Document Annual Report | true | |
| Document Transition Report | false | |
| City Area Code | 212 | |
| Local Phone Number | 813-6000 | |
| Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for the 2026 Annual Meeting of Stockholders are incorporated by reference into Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K. |
|
| Auditor Name | PricewaterhouseCoopers LLP | |
| Auditor Location | New York, New York | |
| Auditor Firm ID | 238 | |
| Auditor Opinion [Text Block] | Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated statements of financial condition of MarketAxess Holdings Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income, of changes in stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO. |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Allowance for accounts receivable | $ 743 | $ 982 |
| Preferred stock, par value | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized | 4,855,000 | 4,855,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value | $ 0.003 | $ 0.003 |
| Common stock, shares authorized | 110,000,000 | 110,000,000 |
| Common stock, shares issued | 41,121,305 | 41,020,421 |
| Common stock, shares outstanding | 35,776,886 | 37,646,374 |
| Treasury Stock, Common, Shares | 5,344,419 | 3,374,047 |
| Series A Preferred Stock [Member] | ||
| Preferred stock, par value | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized | 110,000 | 110,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common Stock Non-Voting [Member] | ||
| Common stock, par value | $ 0.003 | $ 0.003 |
| Common stock, shares authorized | 10,000,000 | 10,000,000 |
| Common stock, shares issued | 0 | 0 |
| Common stock, shares outstanding | 0 | 0 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 246,912 | $ 274,181 | $ 258,055 |
| Cumulative translation adjustment | 29,829 | (10,094) | 13,349 |
| Net unrealized gain/(loss) on securities available-for-sale, net of tax of $160, $92 and $12, respectively | 509 | (235) | (22) |
| Comprehensive income | 277,250 | 263,852 | 271,382 |
| Less: comprehensive income attributable to redeemable noncontrolling interest | (355) | 0 | 0 |
| Comprehensive income available for common stockholders | $ 276,895 | $ 263,852 | $ 271,382 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Securities available-for-sale, tax expense (benefit) | $ 160 | $ 92 | $ 12 |
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Statement of Stockholders' Equity [Abstract] | ||||||
| Cash dividends declared per common share | $ 0.76 | $ 0.74 | $ 0.72 | $ 3.04 | $ 2.96 | $ 2.88 |
Cybersecurity Risk Management, Strategy and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Item 1C. Cybersecurity As a global technology company, and the provider of electronic trading platforms and solutions for fixed-income and other securities, we view cybersecurity as fundamental to our business. Accordingly, we aim to appropriately secure all of our business operations, including information that we generate in the performance of our services, and data provided to us by third parties, including clients, vendors, business partners and employees. Risk Management and Strategy The Company has adopted an Enterprise Risk and Resilience Framework (the “ERRF”) to identify, assess, monitor, and manage the Company’s risks, including cybersecurity risks. Our Chief Risk Officer (the “CRO”) is responsible for implementing and executing the ERRF. The Company’s information security and cybersecurity team is staffed with skilled professionals who manage the safeguarding of our information and is led by our Chief Information Security Officer (the “CISO”). This team is responsible for aligning our practices with the requirements of local regulations and the voluntary standards to which we strive to adhere, such as ISO/IEC 27001 and the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework. The Company’s cybersecurity policies, standards, processes and practices are fully integrated into the Company’s ERRF and are based on recognized frameworks established by NIST, the International Organization for Standardization (“ISO”) and other applicable industry standards. In general, the Company seeks to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, integrity and availability of the information that the Company collects and stores by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur. As one of the critical elements of the Company’s overall ERRF approach, the Company’s cybersecurity program is focused on the following key areas: • Governance: As discussed below in more detail under the heading “The Board’s Oversight of Cybersecurity Risk,” the Board’s oversight of cybersecurity risk management is supported by the Risk Committee of the Board (the “Risk Committee”), which regularly interacts with the Company’s Chief Operating Officer, CRO, CISO and other members of management. • Collaborative Approach: The Company has implemented a comprehensive, cross-functional approach to identification, protection, detection, response and recovery from cybersecurity threats and incidents, while also implementing controls and procedures that are designed to provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner. • Technical Safeguards: The Company deploys layered technical safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. • Incident Response and Recovery Planning: The Company has established and maintains its Information Security Incident Management Policy that addresses the Company’s response to a cybersecurity incident, and such policy is tested and evaluated on a regular basis. The policy applies to all full- and part-time employees and contractors. The goal of the policy is to restore normal service operation as quickly as possible following an event, provide timely and accurate information to relevant stakeholders regarding such an event, as appropriate, and minimize the impact of such an event on our business operations. The policy is designed to ensure that we are meeting both our contractual and regulatory requirements related to cybersecurity events. • Data Collection, Use, Processing and Monitoring: The Company maintains policies and procedures relating to our data collection, use and processing activities, as well as mechanisms for monitoring our data systems and usage. We do not have individual retail clients and any gathering and maintaining of individual consumer data is very limited. We seek to maintain compliance with global data protection laws in the countries in which we operate, including the GDPR, the U.K. Data Protection regime and the California Consumer Privacy Act (the “CCPA”). • Third-Party Risk Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. • Education and Awareness: The Company provides regular, mandatory training for personnel regarding cybersecurity threats in order to equip the Company’s personnel with effective tools to address cybersecurity threats, and to communicate the Company’s evolving information security policies, standards, processes and practices. In addition, the Company provides regular, mandatory training for personnel regarding key data privacy laws and the appropriate collection, use and storage of data. We periodically assess and test our policies, standards, processes and practices that are designed to address cybersecurity threats and incidents. These efforts include a wide range of activities, including audits, assessments, tabletop exercises, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. The Company regularly engages third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported, as appropriate, to the Risk Committee, and the Company adjusts its cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews. We experience cybersecurity threats and incidents from time to time. However, as of the date of this report, we have not experienced a cybersecurity threat or incident that has materially affected the Company, including our business strategy, results of operations, or financial condition, in at least the last three years. While we are not currently aware of any risks from cybersecurity threats that are reasonably likely to materially affect the Company, please see Part I, Item 1A. – “Risk Factors – Malicious cyber-attacks, attempted cybersecurity breaches, and other adverse events affecting our operational systems or infrastructure, or those of third parties, could disrupt our businesses, result in the disclosure of confidential information, damage our reputation and cause losses or regulatory penalties.” The Board’s Oversight of Cybersecurity Risk The Board recognizes the critical importance of maintaining the trust and confidence of our clients, business partners and employees. The Board is actively involved in oversight of the Company’s ERRF, and cybersecurity represents an important component of the Company’s overall approach to enterprise risk management. The Board is responsible for overseeing the Company’s risk management processes over the short-, medium- and long-term by staying informed of the Company’s material risks and evaluating whether management has reasonable controls in place to address such material risks. As part of its oversight responsibilities, the Board dedicates meaningful time and attention to oversight of cybersecurity risk. The Board is not responsible, however, for defining or managing the Company’s various risks. See “Management’s Involvement in Cybersecurity Risk Oversight” below. The Board and its committees oversee risk through regular reports from management. The Board’s committees report on the matters discussed at the committee level to the full Board. The Risk Committee has primary responsibility for cybersecurity oversight. In that capacity, the Risk Committee receives quarterly presentations and reports, as well as additional updates as needed, on cybersecurity matters. Such updates address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, external threat intelligence, technological trends and cybersecurity considerations arising with respect to the Company’s peers and third parties. The Board and the Risk Committee also receive prompt and timely information regarding any cybersecurity incident that meets established internal escalation thresholds, as well as ongoing updates regarding any such incident until it has been addressed. Management’s Involvement in Cybersecurity Risk Oversight The CISO, in coordination with the Company’s management risk committee, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response and recovery plans. To facilitate the success of the Company’s cybersecurity risk management program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, the CISO and the management risk committee monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time, and report such threats and incidents to the Risk Committee and/or the full Board when appropriate.
The CISO holds undergraduate and masters’ degrees in computer science and cybersecurity, respectively, and has served in various senior roles in information technology and information security for over 20 years, including previously serving as the Chief Information Security Officer of a major global asset manager. The CISO has attained the professional certification of Certified Information System Security Professional (CISSP), Certified Information Security Manager (CISM) and Certified in Risk and Information Systems Control (CRISC). The Company’s CRO holds an undergraduate degree and has over 30 years of experience managing risks, including risks arising from cybersecurity threats. The Company is ISO/IEC 27001:2012 certified, which is a global standard that specifies the requirements for establishing, implementing, maintaining, and continually improving information security management systems. Additionally, we have received an independent examination regarding our compliance with SOC 2 Type 2. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | The Company’s cybersecurity policies, standards, processes and practices are fully integrated into the Company’s ERRF and are based on recognized frameworks established by NIST, the International Organization for Standardization (“ISO”) and other applicable industry standards. In general, the Company seeks to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, integrity and availability of the information that the Company collects and stores by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Board’s Oversight of Cybersecurity Risk The Board recognizes the critical importance of maintaining the trust and confidence of our clients, business partners and employees. The Board is actively involved in oversight of the Company’s ERRF, and cybersecurity represents an important component of the Company’s overall approach to enterprise risk management. The Board is responsible for overseeing the Company’s risk management processes over the short-, medium- and long-term by staying informed of the Company’s material risks and evaluating whether management has reasonable controls in place to address such material risks. As part of its oversight responsibilities, the Board dedicates meaningful time and attention to oversight of cybersecurity risk. The Board is not responsible, however, for defining or managing the Company’s various risks. See “Management’s Involvement in Cybersecurity Risk Oversight” below. The Board and its committees oversee risk through regular reports from management. The Board’s committees report on the matters discussed at the committee level to the full Board. The Risk Committee has primary responsibility for cybersecurity oversight. In that capacity, the Risk Committee receives quarterly presentations and reports, as well as additional updates as needed, on cybersecurity matters. Such updates address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, external threat intelligence, technological trends and cybersecurity considerations arising with respect to the Company’s peers and third parties. The Board and the Risk Committee also receive prompt and timely information regarding any cybersecurity incident that meets established internal escalation thresholds, as well as ongoing updates regarding any such incident until it has been addressed. Management’s Involvement in Cybersecurity Risk Oversight The CISO, in coordination with the Company’s management risk committee, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response and recovery plans. To facilitate the success of the Company’s cybersecurity risk management program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, the CISO and the management risk committee monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time, and report such threats and incidents to the Risk Committee and/or the full Board when appropriate.
The CISO holds undergraduate and masters’ degrees in computer science and cybersecurity, respectively, and has served in various senior roles in information technology and information security for over 20 years, including previously serving as the Chief Information Security Officer of a major global asset manager. The CISO has attained the professional certification of Certified Information System Security Professional (CISSP), Certified Information Security Manager (CISM) and Certified in Risk and Information Systems Control (CRISC). The Company’s CRO holds an undergraduate degree and has over 30 years of experience managing risks, including risks arising from cybersecurity threats. The Company is ISO/IEC 27001:2012 certified, which is a global standard that specifies the requirements for establishing, implementing, maintaining, and continually improving information security management systems. Additionally, we have received an independent examination regarding our compliance with SOC 2 Type 2. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Risk Committee has primary responsibility for cybersecurity oversight. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board and its committees oversee risk through regular reports from management. The Board’s committees report on the matters discussed at the committee level to the full Board. The Risk Committee has primary responsibility for cybersecurity oversight. In that capacity, the Risk Committee receives quarterly presentations and reports, as well as additional updates as needed, on cybersecurity matters. Such updates address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, external threat intelligence, technological trends and cybersecurity considerations arising with respect to the Company’s peers and third parties. The Board and the Risk Committee also receive prompt and timely information regarding any cybersecurity incident that meets established internal escalation thresholds, as well as ongoing updates regarding any such incident until it has been addressed. |
| Cybersecurity Risk Role of Management [Text Block] | Management’s Involvement in Cybersecurity Risk Oversight The CISO, in coordination with the Company’s management risk committee, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response and recovery plans. To facilitate the success of the Company’s cybersecurity risk management program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, the CISO and the management risk committee monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time, and report such threats and incidents to the Risk Committee and/or the full Board when appropriate.
The CISO holds undergraduate and masters’ degrees in computer science and cybersecurity, respectively, and has served in various senior roles in information technology and information security for over 20 years, including previously serving as the Chief Information Security Officer of a major global asset manager. The CISO has attained the professional certification of Certified Information System Security Professional (CISSP), Certified Information Security Manager (CISM) and Certified in Risk and Information Systems Control (CRISC). The Company’s CRO holds an undergraduate degree and has over 30 years of experience managing risks, including risks arising from cybersecurity threats. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The CISO, in coordination with the Company’s management risk committee, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response and recovery plans. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The CISO holds undergraduate and masters’ degrees in computer science and cybersecurity, respectively, and has served in various senior roles in information technology and information security for over 20 years, including previously serving as the Chief Information Security Officer of a major global asset manager. The CISO has attained the professional certification of Certified Information System Security Professional (CISSP), Certified Information Security Manager (CISM) and Certified in Risk and Information Systems Control (CRISC). The Company’s CRO holds an undergraduate degree and has over 30 years of experience managing risks, including risks arising from cybersecurity threats. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Through ongoing communications with these teams, the CISO and the management risk committee monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time, and report such threats and incidents to the Risk Committee and/or the full Board when appropriate. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 246,627 | $ 274,181 | $ 258,055 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Principal Business Activity |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Organization and Principal Business Activity | 1. Organization and Principal Business Activity MarketAxess Holdings Inc. was incorporated in the State of Delaware on April 11, 2000. Through its subsidiaries, MarketAxess operates leading electronic trading platforms delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. Approximately 2,100 institutional investor and broker-dealer firms use MarketAxess’ patented trading technology to access global liquidity on its platforms in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S. government bonds and other fixed-income securities. MarketAxess offers a diverse set of trading protocols, automated and algorithmic trading solutions, intelligent data products and a range of post-trade and technology services to provide an end-to-end trading solution to its network of platform participants. Through its Open Trading® protocols, MarketAxess executes bond trades between and among institutional investor and broker-dealer clients in the leading all-to-all anonymous trading environment for corporate bonds. |
Significant Accounting Policies |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company defines cash equivalents as short-term interest-bearing investments with maturities at the time of purchase of three months or less. Investments The Company determines the appropriate classification of securities at the time of purchase which are recorded in the Consolidated Statements of Financial Condition on the trade date. Securities are classified as available-for-sale or trading. Available-for-sale investments are carried at fair value with unrealized gains or losses reported in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition and realized gains or losses reported in other, net in the Consolidated Statements of Operations. Trading investments include U.S. Treasuries and are carried at fair value, with realized and unrealized gains or losses included in other, net in the Consolidated Statements of Operations. The Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the Consolidated Statements of Operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. Fair Value Measurement Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” A three-tiered hierarchy for determining fair value has been established that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as Level 1 (unadjusted quoted prices for identical assets or liabilities in active markets), Level 2 (inputs that are observable in the marketplace other than those inputs classified in Level 1) and Level 3 (inputs that are unobservable in the marketplace). The Company’s financial assets and liabilities measured at fair value on a recurring basis consist of its money market funds, trading securities, available-for-sale securities and foreign currency forward contracts. All other financial instruments are short-term in nature and the carrying amounts reported on the Consolidated Statements of Financial Condition approximate fair value. Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers Receivables from broker-dealers, clearing organizations and customers include amounts receivable for securities not delivered by the Company to the purchaser by the settlement date (“securities failed-to-deliver”) and cash deposits held at clearing organizations and clearing brokers to facilitate the settlement and clearance of matched principal transactions. Payables to broker-dealers, clearing organizations and customers include amounts payable for securities not received by the Company from a seller by the settlement date (“securities failed-to-receive”). Securities failed-to-deliver and securities failed-to-receive for transactions executed on a matched principal basis where the Company serves as a counterparty to both the buyer and the seller are recorded on a settlement date basis within receivables from and payables to broker-dealers, clearing organizations and customers. The difference between the Company’s trade-date receivables and payables for unsettled matched principal transactions reflects commissions earned and is recorded within accounts receivable, net on a trade date basis. Allowance for Credit Losses All accounts receivable have contractual maturities of less than one year and are derived from trading-related fees and commissions and revenues from products and services. The Company continually monitors collections and payments from its customers and maintains an allowance for doubtful accounts. The allowance for credit losses is based on the estimated expected credit losses in accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific collection issues that have been identified. Account balances are grouped for evaluation based on various risk characteristics, including billing type, legal entity, and geographic region. Additions to the allowance for credit losses are charged to bad debt expense, which is included in general and administrative expense in the Company’s Consolidated Statements of Operations. Balances that are determined to be uncollectable are written off against the allowance for credit losses. The allowance for credit losses was $0.7 million and $1.0 million as of December 31, 2025 and 2024, respectively. The provision for bad debts was $0.9 million, $0.8 million and $0.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. Write-offs and other charges against the allowance for credit losses were $0.6 million, $0.4 million and $0.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. Furniture, Equipment and Leasehold Improvements Fixed assets are carried at cost less accumulated depreciation. The Company uses the straight-line method of depreciation over to seven years. The Company amortizes leasehold improvements on a straight-line basis over the lesser of the life of the improvement or the remaining term of the lease. Software Development Costs The Company capitalizes certain costs associated with the development of internal use software, including, among other items, employee compensation and related benefits and third-party consulting costs at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. Once the product is ready for its intended use, such costs are amortized on a straight-line basis over to five years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy and technology and communications expense in the Consolidated Statements of Operations.
Foreign Currency Translation and Forward Contracts Assets and liabilities denominated in foreign currencies are translated using exchange rates at the end of the period; revenues and expenses are translated at average monthly rates. Gains and losses on foreign currency translation are a component of accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Transaction gains and losses are recorded in other, net in the Consolidated Statements of Operations. The Company enters into foreign currency forward contracts to economically hedge its foreign currency transaction gains and losses. Realized and unrealized gains and losses on these forward contracts are included in other, net in the Consolidated Statements of Operations. The Company records the fair value of the forward contract asset in prepaid expenses and other assets or the fair value of the forward contract liability in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Revenue Recognition The Company’s classification of revenues in the Consolidated Statements of Operations represents revenues from contracts with customers disaggregated by type of revenue. The Company has four revenue streams as described below. Commission Revenue – The Company charges its broker-dealer clients variable transaction fees for trades executed on its platforms and, under certain plans, distribution fees or monthly minimum fees to use the platforms for a particular product area. Variable transaction fees are recognized on a trade date basis, are generally calculated as a percentage of the notional dollar volume of bonds traded on the platforms and vary based on the type, size, yield and maturity of the bond traded, as well as individual client incentives. Bonds that are more actively traded or that have shorter maturities generally generate lower commissions, while bonds that are less actively traded or that have longer maturities generally command higher commissions. Under the Company’s disclosed trading transaction fee plans, variable transaction fees, distribution fees and unused monthly fee commitments are invoiced and recorded on a monthly basis. For Open Trading trades that the Company executes between and among institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller, the Company earns its commission through the difference in price between the two trades. The commission is collected upon settlement of the trade, which typically occurs within one to two trading days after the trade date. For the majority of the Company’s U.S. Treasury matched principal trades, commissions are invoiced and recorded on a monthly basis. The Company also earns equities and foreign exchange commissions for algorithmic trading services and, following the 2025 RFQ-hub Acquisition, derivative and exchange-traded-fund (“ETF”) commissions. These fees incorporate variable transaction fees, which are generally calculated as a percentage of the notional dollar volume traded and are billed on a monthly basis. The following table presents commission revenue by fee type:
Information services – Information services includes data licensed to the Company’s broker-dealer clients, institutional investor clients and data-only subscribers; professional and consulting services; technology software licenses; and maintenance and support services. The nature and timing of each performance obligation may vary as these contracts are either subscription-based services transferred over time, and may be net of volume-based discounts, or one-time services that are transferred at a point in time. Revenues for services transferred over time are recognized ratably over the contract period as the Company’s performance obligation is met, whereas revenues for services transferred at a point in time are recognized in the period the services are provided. Customers are generally billed monthly, quarterly, or annually; revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents information services revenue by timing of recognition:
Post-trade services – Post-trade services revenue is generated from regulatory transaction reporting, trade publication and post-trade matching services. Customers are generally billed monthly in arrears and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The Company also generates one-time implementation fees for onboarding clients, which are invoiced and recognized in the period the implementation is completed. The following table presents post-trade services revenue by timing of recognition:
Technology services – Technology services revenue primarily includes technology-related license and connectivity fees and revenue generated from telecommunications line charges to broker-dealer clients. Customers may be billed monthly or quarterly in arrears or in advance, and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents technology services revenue by timing of recognition:
Contract liabilities consist of deferred revenues that the Company records when cash payments are received or due in advance of services to be performed. Deferred revenues are included in accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition. The revenue recognized from contract liabilities and the remaining balance is shown below:
The majority of the Company’s information services and post-trade services contracts are short-term in nature with durations of one year or less. For contracts with original durations extending beyond one year, the aggregate amount of the transaction price allocated to remaining performance obligations was $28.3 million as of December 31, 2025. The Company expects to recognize revenue associated with the remaining performance obligations over the next 34 months. Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards based on their estimated fair values measured as of the grant date. These costs are recognized as an expense in the Consolidated Statements of Operations over the requisite service period, which is typically the vesting period, with an offsetting increase to additional paid-in capital. Forfeitures are recognized as they occur. Income Taxes Income taxes are accounted for using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized against deferred tax assets if it is more likely than not that such assets will not be realized in future years. Tax benefits for uncertain tax positions are recognized when it is more likely than not that the positions will be sustained upon examination based on their technical merits. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statements of Operations. All tax effects related to share-based payments are recorded in the provision for income taxes in the periods during which the awards are exercised or vest. Business Combinations, Goodwill and Intangible Assets Business combinations are accounted for under the purchase method of accounting. The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of certain assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, revenue growth rates, customer attrition rates, royalty rates, technological obsolescence, contributory asset charges and asset lives. Intangible assets are valued using various methodologies, including the relief-from-royalty method and multi-period excess earnings method. The Company operates as a single reporting unit. Following an acquisition, goodwill no longer retains its identification with a particular acquisition, but instead becomes identifiable with the entire reporting unit. As a result, all of the fair value of the Company is available to support the value of goodwill. An impairment review of goodwill is performed on an annual basis, at year-end, or more frequently if circumstances change. Intangible assets with definite lives, including purchased technologies, customer relationships and other intangible assets, are amortized over their estimated useful lives which range from to 15 years using either a straight-line or accelerated amortization method based on the pattern of economic benefit the Company expects to realize from such assets. Intangible assets are assessed for impairment when events or circumstances indicate the existence of a possible impairment. Equity Investments and Consolidation The Company evaluates equity investments for potential consolidation under the voting-interest or variable-interest models. The Company consolidates investees over which the Company determines it has control under the voting interest model, generally greater than 50.0% ownership, or for which the Company is the primary beneficiary under the variable-interest model. The Company uses the equity method of accounting when it exercises significant influence over the investee, but does not have operating control, generally between 20.0% and 50.0% ownership. Under the equity method of accounting, original investments are recorded at cost in prepaid expenses and other assets on the Consolidated Statements of Financial Condition and adjusted by the Company’s proportionate share of the investees’ undistributed earnings or losses. Equity investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. Earnings Per Share Basic earnings per share is computed by dividing the net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average shares outstanding of common stock reflects the dilutive effect that could occur if convertible securities or other contracts to issue common stock were converted into or exercised for common stock. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The guidance has been adopted by the Company on a retrospective basis and resulted in additional disclosures within Footnote 9, Income Taxes, but did not have an impact on the Company’s consolidated statements of financial condition, operations and cash flows. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The ASU primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact of the standard on its disclosures. |
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Regulatory Capital Requirements |
12 Months Ended |
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Dec. 31, 2025 | |
| Broker-Dealer [Abstract] | |
| Regulatory Capital Requirements | 3. Regulatory Capital Requirements One of the Company’s U.S. subsidiaries is registered as a broker-dealer and is subject to the applicable rules and regulations of the SEC, FINRA and the CFTC. These rules contain minimum net capital requirements, as defined in the applicable regulations. Certain of the Company’s foreign subsidiaries are regulated by the FCA in the U.K. or other foreign regulators and must maintain financial resources, as defined in the applicable regulations, in excess of the applicable financial resources requirement. As of December 31, 2025, each of the Company’s subsidiaries that are subject to these regulations had net capital or financial resources in excess of their minimum requirements. As of December 31, 2025, the Company’s subsidiaries maintained aggregate net capital and financial resources that were $593.4 million in excess of the required levels of $39.8 million. The Company’s U.S. broker-dealer subsidiary is required to segregate funds in a special reserve bank account for the benefit of customers pursuant to Rule 15c3-3 of the Exchange Act. As of December 31, 2025, the U.S. broker-dealer subsidiary had a balance of $48.7 million in its special reserve bank account. This U.S. broker-dealer subsidiary also maintained net capital that was $329.1 million in excess of the required level of $2.2 million. Each of the Company’s U.S. and foreign regulated subsidiaries are subject to local regulations which generally limit, or require the prior notification to or approval from such regulated entity’s principal regulator before, the repayment of borrowings from the Company or affiliates, paying cash dividends, making loans to the Company or affiliates or otherwise entering into transactions that result in a significant reduction in regulatory net capital or financial resources. |
Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 4. Fair Value Measurements The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2:
Money market funds are included in cash and cash equivalents on the Consolidated Statements of Financial Condition. Securities available-for-sale and trading securities are included in investments, at fair value on the Consolidated Statements of Financial Condition. Securities classified within Level 2 were valued using a market approach utilizing prices and other relevant information generated by market transactions involving comparable assets. The foreign currency forward contracts are included in either other assets or accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition, and are classified within Level 2 as the valuation inputs are based on quoted market prices. The mutual funds held in a rabbi trust represent investments associated with the Company’s deferred cash incentive plan. During the years ended December 31, 2025 and 2024, there were no transfers of financial assets or liabilities between Level 1, Level 2 and Level 3.
The table below presents the carrying value, fair value and fair value hierarchy category of the Company’s financial assets and liabilities that are not measured at fair value on the Consolidated Statements of Financial Condition. The carrying values of the Company’s financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities.
The Company enters into foreign currency forward contracts as an economic hedge against certain foreign currency transaction gains and losses in the Consolidated Statements of Operations. These forward contracts are for three-month periods and are used to limit exposure to foreign currency exchange rate fluctuations. The Company records the fair value of the asset in prepaid expenses and other assets or the fair value of the liability in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. The following table summarizes the Company’s foreign currency forward position:
Realized and unrealized gains and losses on foreign currency forward contracts are included in other, net in the Consolidated Statements of Operations. The following table summarizes the realized and unrealized gains and losses on foreign currency forward contracts:
The Company records restricted cash collateral deposits with its counterparty bank in prepaid expenses and other assets on the Consolidated Statements of Financial Condition. As of December 31, 2025, the Company did not maintain a collateral deposit with its counterparty bank. The Company also enters into interest rate swap agreements to manage its exposure to the effect of interest rate changes on its unrealized gains and losses on U.S. Treasury investments. As of December 31, 2025, the Company had no interest rate swaps outstanding. The following table summarizes the Company’s investments:
Proceeds from the sales and maturities of investments were $85.6 million and $62.4 million for the years ended December 31, 2025 and 2024, respectively. Purchases of investments were $87.8 million and $93.4 million for the years ended December 31, 2025 and 2024, respectively. The following table summarizes the Company’s unrealized and realized gains and losses on investments:
Unrealized gains and losses on securities available-for-sale are included in accumulated other comprehensive loss on the Consolidated Statements of Financial Condition. Realized gains and losses on securities available-for-sale and realized and unrealized gains and losses on trading securities are included in other, net on the Consolidated Statements of Operations. The following table summarizes the fair value of the Company’s corporate debt and U.S. Treasury investments based upon the contractual maturities:
The following table provides fair values and unrealized losses on the Company’s available-for-sale investments and the aging of securities’ continuous unrealized loss positions:
During the years ended December 31, 2025, 2024 and 2023, the Company did not recognize any credit losses on its available-for-sale securities. The unrealized losses on securities are due to changes in interest rates and market liquidity. |
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Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers |
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| Due to and from Broker-Dealers and Clearing Organizations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers | 5. Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers Receivables from and payables to broker-dealers, clearing organizations and customers consisted of the following:
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Acquisitions and Equity Investments |
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| Business Combination [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions and Equity Investments | 6. Acquisitions and Equity Investments RFQ Hub Holdings LLC Acquisition In May 2022, the Company acquired a minority ownership stake in RFQ–hub Holdings LLC (“RFQ-hub”), an entity formed with a consortium of market participants to support the growth of a multi-asset request for quote platform. In April 2024, the Company entered into a Unit Purchase Agreement with Virtu Financial Operating LLC and RFQ-hub to purchase a controlling stake of RFQ–hub (the “2025 RFQ-hub Acquisition”). The 2025 RFQ-hub Acquisition was completed on May 9, 2025 (the “Acquisition Date”). Between May 2022 and the Acquisition Date, the Company possessed significant influence over RFQ–hub and accounted for its investment under the equity method of accounting. The Company’s investment was recorded at carrying value within prepaid expenses and other assets on the Consolidated Statements of Financial Condition and the Company’s proportionate share of RFQ–hub’s net earnings was recorded within equity in earnings of unconsolidated affiliate on the Consolidated Statements of Operations. Following the Acquisition Date, the Company holds a 90.3% controlling stake in RFQ-hub, subject to the call and put rights and incentive agreements described below under “−Redeemable Noncontrolling Interest.” The 2025 RFQ-hub Acquisition is being accounted for as a business combination under ASC 805, Business Combinations. The 2025 RFQ-hub Acquisition cash consideration totaled $38.1 million. The Company has performed a valuation analysis of the fair market values of its previously-held interests in RFQ-hub and of the assets and liabilities of RFQ-hub and its wholly-owned subsidiaries. During the third quarter of 2025, the Company made measurement period adjustments to the purchase price and fair values of assets acquired. The following table sets forth the components and the allocation of the purchase price for the business combination and summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition Date and the purchase price adjustments recorded:
RFQ-hub’s assets and liabilities were measured at estimated fair values on the Acquisition Date. Estimates of fair value represent management’s best estimate and require significant judgment about future events and uncertainties. Third-party valuation specialists were engaged to assist in the valuation of these assets and liabilities. The redeemable noncontrolling interests were valued using an option pricing model. The acquired developed technology and customer relationships intangible assets were valued using the relief-from-royalty method and multi-period excess earnings method, respectively. Determining the fair value of the developed technology and customer relationships intangible assets required judgment and involved the use of significant estimates and assumptions, including assumptions related to discount rates, revenue growth rates, customer attrition rates, royalty rates, technological obsolescence, contributory asset charges and asset lives. The fair values of the intangible assets acquired are as follows:
The goodwill recognized in connection with the 2025 RFQ-hub Acquisition is primarily attributable to the acquisition of an assembled workforce and expected future technology and synergies from the integration of the operations of RFQ-hub into the Company's operations. Approximately $19.5 million of the goodwill recognized in connection with the 2025 RFQ-hub Acquisition is expected to be deductible for income tax purposes. Pro forma financial information and current period results for the 2025 RFQ-hub Acquisition were not material to the Company’s consolidated financial statements and therefore have not been presented.
Redeemable Noncontrolling Interest The Second Amended and Restated Limited Liability Company Agreement of RFQ-Hub Holdings LLC (the “RFQ-hub LLC Agreement”) contains a call right under which the Company may, during certain pre-set periods, require the noncontrolling equity holders of RFQ-hub to sell their interest to the Company at the fair market value of RFQ-hub as determined at the time this right is exercised (the “Call Right”). The RFQ-hub LLC Agreement also contains a put right under which the noncontrolling equity holders may, during certain periods after expiration of the availability of the Call Right, require the Company to purchase their interests at the fair market value of RFQ-hub as determined at the time this right is exercised. The redeemable noncontrolling interest is classified as temporary equity on the Consolidated Statements of Financial Condition and is recorded at fair value. In addition, pursuant to certain incentive agreements, the Company and the noncontrolling equity holders of RFQ-hub may earn additional equity interests in RFQ-hub based on certain performance metrics. The Company records expense for the additional equity interests earned by the noncontrolling equity holders based on the fair market value of these equity units as of the Acquisition Date. The expense recorded by the Company for the year ended December 31, 2025 was $1.9 million and is included within other, net on the Consolidated Statements of Operations, with a corresponding increase to redeemable noncontrolling interest. The following table is a summary of the changes in redeemable noncontrolling interest for the year ended December 31, 2025:
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Goodwill and intangible assets with indefinite lives were $283.7 million and $236.7 million as of December 31, 2025 and 2024, respectively. The following is a summary of changes in goodwill and intangible assets with indefinite lives for the year ended December 31, 2025:
Intangible assets with definite lives, including the related accumulated amortization, are comprised of the following:
Amortization expense associated with identifiable intangible assets was $19.9 million, $19.8 million and $18.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Annual estimated total amortization expense is $19.7 million, $18.3 million, $16.7 million, $15.8 million and $11.1 million for the years ended December 31, 2026 through 2030, respectively. |
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Capitalized Software, Furniture, Equipment and Leasehold Improvements |
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| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capitalized Software, Furniture, Equipment and Leasehold Improvements | 8. Capitalized Software, Furniture, Equipment and Leasehold Improvements Capitalized software development costs, furniture, equipment and leasehold improvements, net of accumulated depreciation and amortization, are comprised of the following:
During the years ended December 31, 2025 and 2024, software development costs totaling $53.0 million and $49.1 million, respectively, were capitalized. Non-capitalized software costs and routine maintenance costs are expensed as incurred and are included in employee compensation and benefits and professional and consulting fees in the Consolidated Statements of Operations. |
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Income Taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 9. Income Taxes The provision for income taxes consists of the following:
Pre-tax income from U.S. operations was $235.8 million, $235.8 million and $228.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. Pre-tax income from foreign operations was $131.2 million, $124.7 million and $103.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:
The following is a summary of the Company’s net deferred tax assets:
The following is a summary of the Company’s cash paid for income taxes, net of refunds:
The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. As of December 31, 2025, the Company was under a New York State income tax examination for tax years and a New York City income tax examination for the tax years . Generally, other than New York City and State, the Company is no longer subject to tax examinations by tax authorities for years prior to 2021. Refer to Note 20, Subsequent Events. A reconciliation of the Company’s unrecognized tax benefits is as follows:
As of December 31, 2025, the Company had $22.4 unrecognized tax benefits recorded. During the years ended December 31, 2025, 2024 and 2023, the Company recognized gross expenses of $11.7 million, $0.3 million and $1.6 million, respectively, in penalties and interest. The Company had $11.7 million accrued balances for the payment of interest and penalties as of December 31, 2025, and no accrued balances for the payment of interest and penalties as of December 31, 2024. |
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Stockholders' Equity |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | 10. Stockholders’ Equity Common Stock As of December 31, 2025, the Company had 110,000,000 authorized shares of voting common stock and 10,000,000 authorized shares of non-voting common stock. Voting common stock entitles the holder to one vote per share of common stock held. The following is a summary of the changes in the Company’s outstanding shares of voting common stock:
The Board authorized the 2022 Repurchase Program, the 2024 Repurchase Program and the 2025 Repurchase Program in January 2022, August 2024 and December 2025, respectively. On December 9, 2025, the Company entered into an accelerated stock repurchase agreement (the “ASR”) with JPMorgan Chase Bank, National Association (“JPMorgan”) pursuant to which the Company paid $300.0 million and received an initial delivery of 1,386,001 shares of the Company’s common stock (the “Initial ASR Shares”), representing 80% of the value of such payment in shares, calculated based on the closing share price of $173.16 per share on December 9, 2025. The ASR was accounted for as an equity transaction. The fair value of the Initial ASR Shares of $240.0 million was recorded as a treasury stock transaction. The remaining $60.0 million was recorded as a reduction to additional paid-in capital. Final settlement of the ASR occurred on February 4, 2026 with the delivery of 359,782 additional shares. The average purchase price per share for shares of common stock purchased by the Company pursuant to the ASR was $171.84, which was determined based on the daily volume-weighted average price of the Company’s common stock during the term of the ASR, less a discount. During the year ended December 31, 2025, the Company repurchased a total of 1,980,715 shares of common stock under the Repurchase Programs at a cost of $360.0 million. As of December 31, 2025, the Company had $205.0 million of remaining capacity under the Repurchase Programs. Shares repurchased under the Repurchase Programs will be held in treasury for future use. Dividends During 2025, 2024 and 2023, the Company paid quarterly cash dividends of $0.76 per share, $0.74 per share and $0.72 per share, respectively. Any future declaration and payment of dividends will be at the sole discretion of the Board. The Board may take into account such matters as general business conditions, the Company’s financial results and condition, capital requirements, contractual obligations, and legal and regulatory restrictions on the payment of dividends to the Company’s stockholders or by the Company’s subsidiaries to their respective parent entities, and any such other factors as the Board may deem relevant. |
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Stock-Based Compensation Plans |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation Plans | 11. Stock-Based Compensation Plans The Company maintains the 2020 Plan which provides for the grant of Full Value Awards, stock options and other stock-based awards as incentives to encourage employees, consultants and non-employee directors to participate in the long-term success of the Company. As of December 31, 2025, there were 2,443,643 shares available for grant under the 2020 Plan. Total stock-based compensation expense was as follows:
The Company records stock-based compensation expense for employees in employee compensation and benefits and for non-employee directors in general and administrative expenses in the Consolidated Statements of Operations. Total stock-based compensation for employees includes $1.8 million, $1.2 million and $0.9 million of capitalized software development costs for the years ended December 31, 2025, 2024 and 2023, respectively. Stock Options The exercise price of each option granted is equal to the market price of the Company’s common stock on the date of grant. Generally, option grants have provided for vesting over a three-year period. Options generally expire in six years from the date of grant. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables, including the expected stock price volatility over the term of the awards, the risk-free interest rate, the expected dividend yield rate and the expected term. Expected volatilities are based on historical volatility of the Company’s stock. The risk-free interest rate is based on U.S. Treasury securities with a maturity value approximating the expected term of the option. The dividend yield rate is based on the expected annual dividends to be paid divided by the expected stock price. The expected term represents the period of time that options granted are expected to be outstanding based on actual and projected employee stock option exercise behavior. The weighted-average fair value for options granted during the years ended December 31, 2025, 2024 and 2023 were $67.20, $77.16 and $123.47, respectively. The following table represents the assumptions used for the Black-Scholes option-pricing model to determine the per share weighted-average fair value for options granted:
The following table reports stock option activity during the years ended December 31, 2025, 2024 and 2023 and the intrinsic value as of December 31, 2025:
The intrinsic value is the amount by which the closing price of the Company’s common stock on December 31, 2025 of $181.25 or the price on the day of exercise exceeds the exercise price of the stock options multiplied by the number of shares. As of December 31, 2025, there was $1.6 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted-average period of 1.5 years. Service-Based Restricted Stock and Restricted Stock Unit Awards Our annual compensation program includes share-based compensation awards as a component of certain employees’ total compensation. These awards generally vest ratably over a three-year period, subject to continued service to the Company. In addition, we grant share-based compensation awards in conjunction with certain new hires and for retention purposes. These awards generally vest over a three-year period. The Company also grants share-based compensation awards to its non-employee directors as part of such directors’ compensation. These awards generally vest on the earlier of the date of the Company’s next annual stockholders’ meeting or the one-year anniversary of the grant date, subject to continued service to the Company. Such share-based compensation awards are expensed over the requisite service period. Annual Performance-based Performance Stock Unit Awards The Company grants performance stock unit awards to certain executives and certain senior managers of the firm as a component of their total compensation and in conjunction with certain new hires and for retention purposes. Annual performance stock unit awards generally cliff-vest on the third anniversary of the grant date based on the certification of certain performance metrics and subject to the applicable employee’s continued service with the Company. In February 2023, February 2024 and February 2025, annual performance stock units were granted with a three-year performance period that will vest based on the level of achievement by the Company of certain predetermined metrics, including pre-tax adjusted operating margin, U.S. credit market share and revenue growth excluding U.S. credit for the following three fiscal years, including the year of grant. The final awarded payout for the awards granted in 2023, 2024 and 2025 will range from zero to 200%. Subject to the grantee’s continued service, any performance stock unit award awarded to a participant will vest on the three-year anniversary of the grant date. Compensation expense for the three-year performance stock units is measured at the grant date and expensed over the requisite service period with performance target achievement assessed at the end of each reporting period. Other Performance Stock Unit Awards In March 2022, the Company’s Chief Information Officer received a one-time sign-on equity award consisting, in part, of a performance stock unit award with a target of 3,986 shares. The award vested on March 1, 2025 after certification of the performance criteria. Compensation expense for the Chief Information Officer award was measured at the grant date and was expensed over the requisite service period with performance target achievement assessed at the end of each reporting period. In April 2023, in connection with his appointment to the position, the Company’s Chief Executive Officer received a one-time equity award consisting, in part, of a performance stock unit award with a target of 5,039 shares. The performance stock units vest 25% on each of the third and fourth anniversaries of the grant date and 50% on the fifth anniversary of the grant date, subject to certification of the performance criteria and his continued service through the respective vesting dates. Compensation expense for the Chief Executive Officer award was measured at the grant date and will be expensed over the requisite service period. In June 2024, the Company’s Chief Financial Officer received a one-time sign-on equity award consisting, in part, of a performance stock unit award with a target of 1,797 shares. The award will vest on June 3, 2027 after certification of the performance criteria, subject to her continued service through such date. Compensation expense for the Chief Financial Officer award was measured at the grant date and will be expensed over the requisite service period with performance target achievement assessed at the end of each reporting period. Performance Stock Unit Award Estimates The following table reports the Company’s performance payout estimates for three-year performance period awards as of December 31, 2025, as well as the target and maximum share payouts for each award date granted:
Equity Grant Activity The following table reports Full Value Awards activity during the years ended December 31, 2025, 2024 and 2023:
As of December 31, 2025, there was $42.7 million of total unrecognized compensation cost related to Full Value Awards. That cost is expected to be recognized over a weighted-average period of 1.7 years. Employee Stock Purchase Plan The Company maintains the MarketAxess Holdings Inc. 2022 Employee Stock Purchase Plan (the “ESPP”) pursuant to which a total of 121,221 shares of the Company’s Common Stock will be made available for purchase by employees. During the year ended December 31, 2025, the Company issued 10,343 shares of common stock under the ESPP. As of December 31, 2025, there were 97,712 shares available for purchase under the ESPP. |
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Earnings Per Share |
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| Earnings Per Share | 12. Earnings Per Share The following table sets forth basic and diluted weighted average shares outstanding used to compute earnings per share:
Stock options and Full Value Awards totaling 183,624 shares, 329,810 shares and 306,678 shares for the years ended December 31, 2025, 2024 and 2023, respectively, were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. The computation of diluted shares can vary among periods due, in part, to the change in the average price of the Company’s common stock. |
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Credit Agreements and Short-term Financing |
12 Months Ended |
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Dec. 31, 2025 | |
| Debt Disclosure [Abstract] | |
| Credit Agreements and Short-term Financing | 13. Credit Agreements and Short-term Financing 2023 Credit Agreement On August 9, 2023, the Company entered into the 2023 Credit Agreement provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, which provides aggregate commitments totaling $750.0 million, consisting of a revolving credit facility, a $5.0 million letter of credit sub-limit for standby letters of credit and a $380.0 million sub-limit for swingline loans. The 2023 Credit Agreement will mature on August 9, 2026, with the Company’s option to request up to two additional 364-day extensions at the discretion of each lender and subject to customary conditions. Subject to satisfaction of certain specified conditions, the Company is permitted to upsize the 2023 Credit Agreement by up to $375.0 million in total. As of December 31, 2025, the Company had $220.0 million of borrowings and $0.1 million in letters of credit outstanding and $529.9 million in available borrowing capacity under the 2023 Credit Agreement. The Company's borrowings under the 2023 Credit Agreement mature on August 9, 2026. Borrowings under the 2023 Credit Agreement will bear interest at a rate per annum equal to an alternate base rate or the adjusted term SOFR rate, plus an applicable margin that varies with the Company’s consolidated total leverage ratio. The 2023 Credit Agreement requires that the Company satisfy certain covenants, including a requirement not to exceed a maximum consolidated total leverage ratio. The Company's outstanding borrowings as of December 31, 2025 bear interest at a 5.1% per annum rate. The Company incurred $0.8 million, $0.2 million and $0.1 million of interest expense under the 2023 Credit Agreement for the years ended December 31, 2025, 2024 and 2023, respectively. The Company also incurred $0.1 million of interest expense under a previous credit agreement for the year ended December 31, 2023. See Note 20, Subsequent Events, for a discussion of the 2026 Amended Credit Agreement. Uncommitted Collateralized Agreements In connection with their self-clearing operations, certain of the Company’s U.S. and U.K. operating subsidiaries maintain agreements with a settlement bank to allow the subsidiaries to borrow in the aggregate of up to $500.0 million on an uncommitted basis, collateralized by eligible securities pledged by the subsidiaries to the settlement bank, subject to certain haircuts. Borrowings under these agreements will bear interest at a per annum equal to 1.00% plus the higher of (i) the upper range of the Federal Funds Rate, (ii) one-month SOFR plus an applicable margin or (iii) 0.25%. The Company incurred no interest on borrowings under such agreements during the year ended December 31, 2025, and $0.1 million of interest expense on borrowings under such agreements during the each of the years ended December 31, 2024 and 2023. As of December 31, 2025, the Company had no borrowings outstanding and up to $500.0 million in available uncommitted borrowing capacity under such agreements. Short-term Financing Under arrangements with their settlement banks, certain of the Company’s U.S. and U.K. operating subsidiaries may receive overnight financing in the form of bank overdrafts. The Company incurred interest expense on such overnight financing of $0.7 million, $1.4 million and $0.7 million during the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the Company had no overdrafts payable outstanding. |
Leases |
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| Leases | 14. Leases The Company has operating leases for corporate offices with initial lease terms ranging from one-year to 15 years. Certain leases contain options to extend the initial term at the Company’s discretion. The Company accounts for the option to extend when it is reasonably certain of being exercised. The Company’s lease agreements do not contain any material residual value guarantees, restrictions or covenants. The Company also has operating and finance leases for equipment with initial lease terms ranging from one-year to 5 years. The following table presents the components of operating lease expense for the years ended December 31, 2025, 2024 and 2023:
Finance lease expense was $0.1 million for each of the years ended December 31, 2025 and 2024. The Company determines whether an arrangement is, or includes, a lease at contract inception. Lease right-of-use assets and liabilities are recognized at commencement date and are initially measured based on the present value of lease payments over the defined lease term. As the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The weighted average remaining lease term and weighted average discount rate are as follows:
The following table presents the maturity of lease liabilities as of December 31, 2025:
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Commitments and Contingencies |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 15. Commitments and Contingencies Legal In the normal course of business, the Company and its subsidiaries included in the consolidated financial statements may be involved in various lawsuits, proceedings and regulatory examinations. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings, if any, utilizing the latest information available. For matters where it is probable that the Company will incur a material loss and the amount can be reasonably estimated, the Company will establish an accrual for the loss. Once established, the accrual will be adjusted to reflect any relevant developments. When a loss contingency is not both probable and estimable, the Company does not establish an accrual. Based on currently available information, the outcome of the Company’s outstanding matters is not expected to have a material adverse impact on the Company’s financial position. It is not presently possible to determine the ultimate exposure to these matters and there is no assurance that the resolution of the outstanding matters will not significantly exceed any reserves accrued by the Company. Other The Company, through certain of its subsidiaries, executes securities transactions between its institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller in trades. The Company’s operating subsidiaries settle such transactions pursuant to their self-clearing operations or through the use of third-party clearing brokers or settlement agents. Settlement typically occurs within one to two trading days after the trade date. Cash settlement of the transaction occurs upon receipt or delivery of the underlying instrument that was traded. Under both the self-clearing and the third-party clearing models, the Company may be exposed to credit risk in the event a counterparty does not fulfill its obligation to complete a transaction or if there is an error in executing a matched principal transaction. Pursuant to the terms of the securities clearing agreements, each third-party clearing broker has the right to charge the Company for any losses they suffer resulting from a counterparty’s failure on any of the Company’s trades. The Company did not record any liabilities or losses with regard to counterparty failures for the years ended December 31, 2025, 2024 and 2023 respectively. In the normal course of business, the Company enters into contracts that contain a variety of representations, warranties and indemnification provisions. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. |
Segment and Geographic Information |
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| Segment and Geographic Information | 16. Segment and Geographic Information The Company’s end-to-end trading solutions comprise one reportable segment. The Company’s end-to-end trading solutions segment includes the operation of electronic platforms for the trading of fixed-income and other securities and related data, analytics, compliance tools, post-trade services and technology services. The Company derives revenue primarily in North America and Europe and manages its business activities on a consolidated basis. The Company considers its operations to constitute a single business segment due to the highly integrated nature of these products and services within the trading lifecycle, the use of a single inter-connected suite of technology solutions underlying all services, the financial markets in which the Company competes and the Company’s worldwide business activities. The accounting policies of the Company's reportable segment are the same as those described in the summary of significant accounting policies. The Company's chief operating decision maker (“CODM”) assesses performance of the Company overall and decides how to allocate resources based on net income that is reported on the consolidated statement of operations as net income. The measure of segment assets is reported on the consolidated statement of financial condition as total assets. The Company’s CODM is its r. The CODM uses net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the Company’s end-to-end trading solutions or into other areas, such as for acquisitions or to pay dividends. Net income is used to monitor budget versus actual results. The significant segment expenses and net income reviewed by the CODM conform to the presentation of such items in the consolidated statements of operations. For the years ended December 31, 2025, 2024 and 2023, the U.K. was the only individual foreign country in which the Company had operations that accounted for 10.0% or more of the total revenues or total long-lived assets. Revenues and long-lived assets are attributed to a geographic area based on the location of the client trading activity and receipt of services. Long-lived assets are defined as furniture, equipment, leasehold improvements and capitalized software. Revenues for the years ended December 31, 2025, 2024 and 2023 and long-lived assets as of December 31, 2025 and 2024 were as follows:
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Retirement and Deferred Compensation Plans |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Retirement Benefits [Abstract] | |
| Retirement and Deferred Compensation Plans | 17. Retirement and Deferred Compensation Plans The Company, through its U.S. and U.K. subsidiaries, offers its employees the opportunity to invest in defined contribution plans. For the years ended December 31, 2025, 2024 and 2023, the Company contributed $12.4 million, $11.7 million and $7.6 million, respectively, to the plans. The Company offers a non-qualified deferred cash incentive plan to certain officers and other employees. Under the plan, eligible employees may defer up to 100% of their annual cash incentive pay. The Company has elected to fund its deferred compensation obligations through a rabbi trust. The rabbi trust is subject to creditor claims in the event of insolvency, but such assets are not available for general corporate purposes. Assets held in the rabbi trust are invested in mutual funds, as selected by the participants, which are designated as trading securities and carried at fair value. As of December 31, 2025 and 2024, the fair value of the mutual fund investments and deferred compensation obligations was $11.5 million and $11.1 million, respectively. Changes in the fair value of securities held in the rabbi trust and offsetting increases or decreases in the deferred compensation obligation are recognized in other, net in the Company’s Consolidated Statements of Operations. |
Cash and Cash Equivalents and Restricted Cash |
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| Cash and Cash Equivalents and Restricted Cash | 18. Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows:
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Parent Company Information |
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parent Company Information | 19. Parent Company Information The following tables present Parent Company-only financial information that should be read in conjunction with the consolidated financial statements of the Company.
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 20. Subsequent Events Tax Audits On February 18, 2026, the Company entered into a closing agreement with New York State on its tax liability for the 2015-2023 period. The Company is no longer subject to income tax examination by New York State for years before 2024. The Company is still under income tax exam by New York City for tax years 2016 through 2018. 2026 Amended Credit Agreement On February 4, 2026, the Company, as borrower, entered into the 2026 Amended Credit Agreement. The 2026 Amended Credit Agreement amends and restates in its entirety the 2023 Credit Agreement. Pursuant to the 2026 Amended Credit Agreement, the lenders will continue to provide aggregate commitments totaling $750.0 million (the “Credit Facility”), consisting of a revolving credit facility, a $5.0 million letter of credit sub-limit for standby letters of credit and a $380.0 million sub-limit for swingline loans. Subject to satisfaction of certain specified conditions, the Company continues to be permitted to upsize the Credit Facility by up to $375.0 million in total. The incremental facility continues to be uncommitted, and it is possible that the Company may not be successful in obtaining such commitments from existing or new lenders in the amount desired or at all. The 2026 Amended Credit Agreement amends and restates the 2023 Credit Agreement to, among other things: (1) extend the maturity of the Credit Facility from August 9, 2026 to February 2, 2029, with the Company’s option to request up to two additional 364-day extensions at the discretion of each lender and subject to customary conditions; (2) eliminate the 0.10% credit spread adjustment previously added to the interest rate on Secured Overnight Financing Rate (“SOFR”) based borrowings; and (3) increases the maximum amount of cash that may be net against debt for the purposes of calculating the Company’s Consolidated Total Leverage Ratio (as defined in the 2026 Amended Credit Agreement) from $30.0 million to $200.0 million. As of the date hereof, the Company has $220.0 million in borrowings outstanding and one standby letter of credit, which borrowings were outstanding under the 2023 Credit Agreement and remain outstanding under the 2026 Amended Credit Agreement. |
Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. |
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
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| Cash and Cash Equivalents | Cash and Cash Equivalents The Company defines cash equivalents as short-term interest-bearing investments with maturities at the time of purchase of three months or less. |
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| Investments | Investments The Company determines the appropriate classification of securities at the time of purchase which are recorded in the Consolidated Statements of Financial Condition on the trade date. Securities are classified as available-for-sale or trading. Available-for-sale investments are carried at fair value with unrealized gains or losses reported in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition and realized gains or losses reported in other, net in the Consolidated Statements of Operations. Trading investments include U.S. Treasuries and are carried at fair value, with realized and unrealized gains or losses included in other, net in the Consolidated Statements of Operations. The Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the Consolidated Statements of Operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. |
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| Fair Value Financial Instruments | Fair Value Measurement Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” A three-tiered hierarchy for determining fair value has been established that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as Level 1 (unadjusted quoted prices for identical assets or liabilities in active markets), Level 2 (inputs that are observable in the marketplace other than those inputs classified in Level 1) and Level 3 (inputs that are unobservable in the marketplace). The Company’s financial assets and liabilities measured at fair value on a recurring basis consist of its money market funds, trading securities, available-for-sale securities and foreign currency forward contracts. All other financial instruments are short-term in nature and the carrying amounts reported on the Consolidated Statements of Financial Condition approximate fair value. |
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| Receivables from and Payables to Broker - dealers, Clearing Organizations and Customers | Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers Receivables from broker-dealers, clearing organizations and customers include amounts receivable for securities not delivered by the Company to the purchaser by the settlement date (“securities failed-to-deliver”) and cash deposits held at clearing organizations and clearing brokers to facilitate the settlement and clearance of matched principal transactions. Payables to broker-dealers, clearing organizations and customers include amounts payable for securities not received by the Company from a seller by the settlement date (“securities failed-to-receive”). Securities failed-to-deliver and securities failed-to-receive for transactions executed on a matched principal basis where the Company serves as a counterparty to both the buyer and the seller are recorded on a settlement date basis within receivables from and payables to broker-dealers, clearing organizations and customers. The difference between the Company’s trade-date receivables and payables for unsettled matched principal transactions reflects commissions earned and is recorded within accounts receivable, net on a trade date basis. |
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| Allowance for Credit Losses | Allowance for Credit Losses All accounts receivable have contractual maturities of less than one year and are derived from trading-related fees and commissions and revenues from products and services. The Company continually monitors collections and payments from its customers and maintains an allowance for doubtful accounts. The allowance for credit losses is based on the estimated expected credit losses in accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific collection issues that have been identified. Account balances are grouped for evaluation based on various risk characteristics, including billing type, legal entity, and geographic region. Additions to the allowance for credit losses are charged to bad debt expense, which is included in general and administrative expense in the Company’s Consolidated Statements of Operations. Balances that are determined to be uncollectable are written off against the allowance for credit losses. The allowance for credit losses was $0.7 million and $1.0 million as of December 31, 2025 and 2024, respectively. The provision for bad debts was $0.9 million, $0.8 million and $0.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. Write-offs and other charges against the allowance for credit losses were $0.6 million, $0.4 million and $0.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. |
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| Furniture, Equipment and Leasehold Improvements | Furniture, Equipment and Leasehold Improvements Fixed assets are carried at cost less accumulated depreciation. The Company uses the straight-line method of depreciation over to seven years. The Company amortizes leasehold improvements on a straight-line basis over the lesser of the life of the improvement or the remaining term of the lease. |
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| Software Development Costs | Software Development Costs The Company capitalizes certain costs associated with the development of internal use software, including, among other items, employee compensation and related benefits and third-party consulting costs at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. Once the product is ready for its intended use, such costs are amortized on a straight-line basis over to five years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. |
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| Leases | Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy and technology and communications expense in the Consolidated Statements of Operations. |
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| Foreign Currency Translation and Forward Contracts | Foreign Currency Translation and Forward Contracts Assets and liabilities denominated in foreign currencies are translated using exchange rates at the end of the period; revenues and expenses are translated at average monthly rates. Gains and losses on foreign currency translation are a component of accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Transaction gains and losses are recorded in other, net in the Consolidated Statements of Operations. The Company enters into foreign currency forward contracts to economically hedge its foreign currency transaction gains and losses. Realized and unrealized gains and losses on these forward contracts are included in other, net in the Consolidated Statements of Operations. The Company records the fair value of the forward contract asset in prepaid expenses and other assets or the fair value of the forward contract liability in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. |
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| Revenue Recognition | Revenue Recognition The Company’s classification of revenues in the Consolidated Statements of Operations represents revenues from contracts with customers disaggregated by type of revenue. The Company has four revenue streams as described below. Commission Revenue – The Company charges its broker-dealer clients variable transaction fees for trades executed on its platforms and, under certain plans, distribution fees or monthly minimum fees to use the platforms for a particular product area. Variable transaction fees are recognized on a trade date basis, are generally calculated as a percentage of the notional dollar volume of bonds traded on the platforms and vary based on the type, size, yield and maturity of the bond traded, as well as individual client incentives. Bonds that are more actively traded or that have shorter maturities generally generate lower commissions, while bonds that are less actively traded or that have longer maturities generally command higher commissions. Under the Company’s disclosed trading transaction fee plans, variable transaction fees, distribution fees and unused monthly fee commitments are invoiced and recorded on a monthly basis. For Open Trading trades that the Company executes between and among institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller, the Company earns its commission through the difference in price between the two trades. The commission is collected upon settlement of the trade, which typically occurs within one to two trading days after the trade date. For the majority of the Company’s U.S. Treasury matched principal trades, commissions are invoiced and recorded on a monthly basis. The Company also earns equities and foreign exchange commissions for algorithmic trading services and, following the 2025 RFQ-hub Acquisition, derivative and exchange-traded-fund (“ETF”) commissions. These fees incorporate variable transaction fees, which are generally calculated as a percentage of the notional dollar volume traded and are billed on a monthly basis. The following table presents commission revenue by fee type:
Information services – Information services includes data licensed to the Company’s broker-dealer clients, institutional investor clients and data-only subscribers; professional and consulting services; technology software licenses; and maintenance and support services. The nature and timing of each performance obligation may vary as these contracts are either subscription-based services transferred over time, and may be net of volume-based discounts, or one-time services that are transferred at a point in time. Revenues for services transferred over time are recognized ratably over the contract period as the Company’s performance obligation is met, whereas revenues for services transferred at a point in time are recognized in the period the services are provided. Customers are generally billed monthly, quarterly, or annually; revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents information services revenue by timing of recognition:
Post-trade services – Post-trade services revenue is generated from regulatory transaction reporting, trade publication and post-trade matching services. Customers are generally billed monthly in arrears and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The Company also generates one-time implementation fees for onboarding clients, which are invoiced and recognized in the period the implementation is completed. The following table presents post-trade services revenue by timing of recognition:
Technology services – Technology services revenue primarily includes technology-related license and connectivity fees and revenue generated from telecommunications line charges to broker-dealer clients. Customers may be billed monthly or quarterly in arrears or in advance, and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents technology services revenue by timing of recognition:
Contract liabilities consist of deferred revenues that the Company records when cash payments are received or due in advance of services to be performed. Deferred revenues are included in accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition. The revenue recognized from contract liabilities and the remaining balance is shown below:
The majority of the Company’s information services and post-trade services contracts are short-term in nature with durations of one year or less. For contracts with original durations extending beyond one year, the aggregate amount of the transaction price allocated to remaining performance obligations was $28.3 million as of December 31, 2025. The Company expects to recognize revenue associated with the remaining performance obligations over the next 34 months. |
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| Stock-Based Compensation | Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards based on their estimated fair values measured as of the grant date. These costs are recognized as an expense in the Consolidated Statements of Operations over the requisite service period, which is typically the vesting period, with an offsetting increase to additional paid-in capital. Forfeitures are recognized as they occur. |
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| Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized against deferred tax assets if it is more likely than not that such assets will not be realized in future years. Tax benefits for uncertain tax positions are recognized when it is more likely than not that the positions will be sustained upon examination based on their technical merits. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statements of Operations. All tax effects related to share-based payments are recorded in the provision for income taxes in the periods during which the awards are exercised or vest. |
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| Business Combinations, Goodwill and Intangible Assets | Business Combinations, Goodwill and Intangible Assets Business combinations are accounted for under the purchase method of accounting. The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of certain assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, revenue growth rates, customer attrition rates, royalty rates, technological obsolescence, contributory asset charges and asset lives. Intangible assets are valued using various methodologies, including the relief-from-royalty method and multi-period excess earnings method. The Company operates as a single reporting unit. Following an acquisition, goodwill no longer retains its identification with a particular acquisition, but instead becomes identifiable with the entire reporting unit. As a result, all of the fair value of the Company is available to support the value of goodwill. An impairment review of goodwill is performed on an annual basis, at year-end, or more frequently if circumstances change. Intangible assets with definite lives, including purchased technologies, customer relationships and other intangible assets, are amortized over their estimated useful lives which range from to 15 years using either a straight-line or accelerated amortization method based on the pattern of economic benefit the Company expects to realize from such assets. Intangible assets are assessed for impairment when events or circumstances indicate the existence of a possible impairment. |
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| Equity Investments and Consolidation | Equity Investments and Consolidation The Company evaluates equity investments for potential consolidation under the voting-interest or variable-interest models. The Company consolidates investees over which the Company determines it has control under the voting interest model, generally greater than 50.0% ownership, or for which the Company is the primary beneficiary under the variable-interest model. The Company uses the equity method of accounting when it exercises significant influence over the investee, but does not have operating control, generally between 20.0% and 50.0% ownership. Under the equity method of accounting, original investments are recorded at cost in prepaid expenses and other assets on the Consolidated Statements of Financial Condition and adjusted by the Company’s proportionate share of the investees’ undistributed earnings or losses. Equity investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. |
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| Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing the net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average shares outstanding of common stock reflects the dilutive effect that could occur if convertible securities or other contracts to issue common stock were converted into or exercised for common stock. |
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The guidance has been adopted by the Company on a retrospective basis and resulted in additional disclosures within Footnote 9, Income Taxes, but did not have an impact on the Company’s consolidated statements of financial condition, operations and cash flows. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The ASU primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact of the standard on its disclosures. |
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Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Commission Revenue by Fee Type | The following table presents commission revenue by fee type:
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| Summary of Information Services Revenue by Timing of Recognition | The following table presents information services revenue by timing of recognition:
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| Summary of Post-Trade Services Revenue by Timing of Recognition | The following table presents post-trade services revenue by timing of recognition:
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| Summary of Technology Services Revenue by Timing of Recognition | The following table presents technology services revenue by timing of recognition:
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| Summary of Revenue Recognized from Contract Liabilities and Remaining Balance | The revenue recognized from contract liabilities and the remaining balance is shown below:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valuation of Company's Assets and Liabilities Measured at Fair Value | The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2:
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| Carrying Value of Financial Asset and Liability Not Measured at Fair Value | The table below presents the carrying value, fair value and fair value hierarchy category of the Company’s financial assets and liabilities that are not measured at fair value on the Consolidated Statements of Financial Condition. The carrying values of the Company’s financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities.
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| Summary of Foreign Currency Forward Contracts | The following table summarizes the Company’s foreign currency forward position:
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| Summary of Realized and Unrealized Gains and Losses on Foreign Currency Forward Contracts | The following table summarizes the realized and unrealized gains and losses on foreign currency forward contracts:
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| Summary of Company's Investments | The following table summarizes the Company’s investments:
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| Summary of Companies Unrealized and Realized Gains and Losses on Investments | The following table summarizes the Company’s unrealized and realized gains and losses on investments:
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| Summary of Fair Value of Investments Based upon Contractual Maturities | The following table summarizes the fair value of the Company’s corporate debt and U.S. Treasury investments based upon the contractual maturities:
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| Summary of Fair Values and Unrealized Losses on Investments | The following table provides fair values and unrealized losses on the Company’s available-for-sale investments and the aging of securities’ continuous unrealized loss positions:
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Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due to and from Broker-Dealers and Clearing Organizations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers | Receivables from and payables to broker-dealers, clearing organizations and customers consisted of the following:
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Acquisitions and Equity Investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Purchase Price Allocation | The following table sets forth the components and the allocation of the purchase price for the business combination and summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition Date and the purchase price adjustments recorded:
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| Summary of Fair Value of Acquired Intangible Assets | The fair values of the intangible assets acquired are as follows:
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| Summary of the Changes in Redeemable Noncontrolling Interest | The following table is a summary of the changes in redeemable noncontrolling interest for the year ended December 31, 2025:
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Goodwill and Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Goodwill and Intangible Assets with Indefinite Lives | The following is a summary of changes in goodwill and intangible assets with indefinite lives for the year ended December 31, 2025:
|
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| Summary of Company's Intangible Assets | Intangible assets with definite lives, including the related accumulated amortization, are comprised of the following:
|
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Capitalized Software, Furniture, Equipment and Leasehold Improvements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capitalized Software Development Costs, Furniture, Equipment and Leasehold Improvements, Net of Accumulated Depreciation and Amortization | Capitalized software development costs, furniture, equipment and leasehold improvements, net of accumulated depreciation and amortization, are comprised of the following:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Provision for Income Taxes | The provision for income taxes consists of the following:
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| Difference Between the U.S. Federal Statutory Tax Rate and the Company's Effective Tax Rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:
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| Summary of Company's Net Deferred Tax Assets | The following is a summary of the Company’s net deferred tax assets:
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| Summary of the Company's Taxes Paid Net of Refunds | The following is a summary of the Company’s cash paid for income taxes, net of refunds:
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| Reconciliation of the Unrecognized Tax Benefits | A reconciliation of the Company’s unrecognized tax benefits is as follows:
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of the Change in the Company's Outstanding Shares of Common Stock | The following is a summary of the changes in the Company’s outstanding shares of voting common stock:
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Stock-Based Compensation Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation Expense | Total stock-based compensation expense was as follows:
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| Assumptions Used for the Black-Scholes Option-Pricing Model to Determine the Per Share Weighted Average Fair Value for Options Granted | The following table represents the assumptions used for the Black-Scholes option-pricing model to determine the per share weighted-average fair value for options granted:
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| Stock Option Activity | The following table reports stock option activity during the years ended December 31, 2025, 2024 and 2023 and the intrinsic value as of December 31, 2025:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Estimate, Target and Maximum Performance Share Payouts | The following table reports the Company’s performance payout estimates for three-year performance period awards as of December 31, 2025, as well as the target and maximum share payouts for each award date granted:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Full Value Awards activity | The following table reports Full Value Awards activity during the years ended December 31, 2025, 2024 and 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic and Diluted Weighted Average Shares Outstanding Used to Compute Earnings Per Share | The following table sets forth basic and diluted weighted average shares outstanding used to compute earnings per share:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Operating Lease Expense | The following table presents the components of operating lease expense for the years ended December 31, 2025, 2024 and 2023:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Weighted Average Remaining Lease Term and Discount Rate | The weighted average remaining lease term and weighted average discount rate are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Maturity of Lease Liabilities | The following table presents the maturity of lease liabilities as of December 31, 2025:
|
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Segment and Geographic Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Revenue and Long-lived Assets | Revenues for the years ended December 31, 2025, 2024 and 2023 and long-lived assets as of December 31, 2025 and 2024 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Reconciliation of Cash and Cash Equivalents with Restricted or Segregated Cash | The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows:
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Parent Company Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Statements of Financial Condition | The following tables present Parent Company-only financial information that should be read in conjunction with the consolidated financial statements of the Company.
|
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| Condensed Statements of Operations |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Statements of Cash Flows |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Principal Business Activity - Additional Information (Detail) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
Institutional_Investor_and_BrokerDealer_Firm
| |
| Accounting Policies [Line Items] | |
| Date of incorporation | Apr. 11, 2000 |
| Minimum [Member] | |
| Accounting Policies [Line Items] | |
| Number of institutional investor and broker-dealer firms | 2,100 |
Significant Accounting Policies - Summary of Commission Revenue by Fee Type (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Commission revenue by fee type | |||
| Revenues | $ 846,268 | $ 817,097 | $ 752,547 |
| Commissions [Member] | |||
| Commission revenue by fee type | |||
| Disclosed trading | 376,599 | 361,252 | 323,038 |
| Open Trading - matched principal trading | 175,557 | 177,966 | 178,517 |
| Other Variable Transaction | 30,263 | 20,016 | 4,979 |
| Total variable transaction fees | 600,448 | 578,544 | 521,756 |
| Distribution fees and unused minimum fees | 134,175 | 133,166 | 141,208 |
| Revenues | 734,623 | 711,710 | 662,964 |
| Commissions [Member] | US Government Bonds [Member] | |||
| Commission revenue by fee type | |||
| Open Trading - matched principal trading | $ 18,029 | $ 19,310 | $ 15,222 |
Significant Accounting Policies - Summary of Information Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Significant Accounting Policies [Line Items] | |||
| Revenues | $ 846,268 | $ 817,097 | $ 752,547 |
| Information Services [Member] | |||
| Significant Accounting Policies [Line Items] | |||
| Revenues | 53,230 | 50,540 | 46,383 |
| Information Services [Member] | Transferred over Time [Member] | |||
| Significant Accounting Policies [Line Items] | |||
| Revenues | 51,941 | 49,560 | 45,102 |
| Information Services [Member] | Transferred at Point in Time [Member] | |||
| Significant Accounting Policies [Line Items] | |||
| Revenues | $ 1,289 | $ 980 | $ 1,281 |
Significant Accounting Policies - Summary of Post-Trade Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Significant Accounting Policies [Line Items] | |||
| Revenues | $ 846,268 | $ 817,097 | $ 752,547 |
| Post-trade Services [Member] | |||
| Significant Accounting Policies [Line Items] | |||
| Revenues | 44,491 | 42,487 | 40,178 |
| Post-trade Services [Member] | Transferred over Time [Member] | |||
| Significant Accounting Policies [Line Items] | |||
| Revenues | 44,319 | 42,170 | 40,061 |
| Post-trade Services [Member] | Transferred at Point in Time [Member] | |||
| Significant Accounting Policies [Line Items] | |||
| Revenues | $ 172 | $ 317 | $ 117 |
Significant Accounting Policies - Summary of Technology Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Significant Accounting Policies [Line Items] | |||
| Revenues | $ 846,268 | $ 817,097 | $ 752,547 |
| Technology Services [Member] | |||
| Significant Accounting Policies [Line Items] | |||
| Revenues | 13,924 | 12,360 | 3,022 |
| Technology Services [Member] | Transferred over Time [Member] | |||
| Significant Accounting Policies [Line Items] | |||
| Revenues | 13,150 | 12,334 | 3,021 |
| Technology Services [Member] | Transferred at Point in Time [Member] | |||
| Significant Accounting Policies [Line Items] | |||
| Revenues | $ 774 | $ 26 | $ 1 |
Significant Accounting Policies - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Significant Accounting Policies [Line Items] | |
| Aggregate amount of transaction price allocated to remaining performance obligations | $ 28.3 |
| Expected time to recognize revenue for remaining performance obligation | 34 months |
Regulatory Capital Requirements - Additional Information (Detail) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| U.S. Subsidiaries | |
| Brokers And Dealers [Line Items] | |
| Aggregate net capital and financial resources in excess of required level | $ 593.4 |
| Aggregate net capital and financial resources, minimum capital requirement | 39.8 |
| U.S. Broker-Dealer Subsidiaries | |
| Brokers And Dealers [Line Items] | |
| Aggregate net capital and financial resources in excess of required level | 2.2 |
| Aggregate net capital and financial resources, minimum capital requirement | 329.1 |
| Securities reserve deposit | $ 48.7 |
Fair Value Measurements - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
| Transfers between Level 1, Level 2 and Level 3 securities | $ 0 | $ 0 | |
| Cash collateral deposit | 0 | ||
| Notional value | 94,197,000 | 64,454,000 | |
| Proceeds from the sales and maturities of securities available-for-sale | 85,600,000 | 62,400,000 | |
| Purchases of investments | 87,800,000 | 93,400,000 | |
| Credit losses on available-for-sale securities | 0 | $ 0 | $ 0 |
| Interest Rate Swap [Member] | |||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
| Notional value | $ 0 | ||
Fair Value Measurements - Summary of Foreign Currency Forward Contracts (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Derivatives Fair Value [Line Items] | ||
| Notional value | $ 94,197 | $ 64,454 |
| Fair value of notional | 96,044 | 63,518 |
| Fair value of the asset/(liability) | $ 1,847 | $ (936) |
Fair Value Measurements - Summary of Realized and Unrealized Gains and Losses on Foreign Currency Forward Contracts (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Gain (Loss) on Securities [Line Items] | |||
| Unrealized gain/(loss) | $ 2,409 | $ 19 | $ 1,719 |
| Realized gain/(loss) | 1,264 | (324) | (149) |
| Forward Contracts [Member] | |||
| Gain (Loss) on Securities [Line Items] | |||
| Unrealized gain/(loss) | 2,782 | (2,838) | 3,590 |
| Realized gain/(loss) | 1,667 | 1,148 | (1,470) |
| Total gain/(loss) | $ 4,449 | $ (1,690) | $ 2,120 |
Fair Value Measurements - Summary of Companies Unrealized and Realized Gains and Losses on Investments (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Gain (Loss) on Securities [Line Items] | |||
| Unrealized gains/(losses) | $ 2,409 | $ 19 | $ 1,719 |
| Realized gains/(losses) | 1,264 | (324) | (149) |
| Securities sold, not yet purchased gross realized gains | 0 | 174 | 0 |
| Corporate Debt [Member] | |||
| Gain (Loss) on Securities [Line Items] | |||
| Unrealized gains/(losses) | 669 | (328) | (11) |
| Realized gains/(losses) | 5 | 4 | (11) |
| U.S. Treasuries [Member] | |||
| Gain (Loss) on Securities [Line Items] | |||
| Unrealized gains/(losses) | 1,733 | (1,025) | 446 |
| Mutual Funds Held In Rabbi Trust [Member] | |||
| Gain (Loss) on Securities [Line Items] | |||
| Unrealized gains/(losses) | 7 | 1,372 | 1,284 |
| Realized gains/(losses) | $ 1,259 | $ (328) | $ (138) |
Fair Value Measurements - Summary of Fair Value of Investments Based upon Contractual Maturities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Securities, Available-for-Sale [Line Items] | ||
| Less than one year | $ 8,400 | $ 59,324 |
| Due in 1 - 5 years | 150,812 | 94,829 |
| Total | 159,212 | 154,153 |
| U.S. Treasuries [Member] | ||
| Debt Securities, Available-for-Sale [Line Items] | ||
| Less than one year | 0 | 49,978 |
| Due in 1 - 5 years | 100,772 | 49,067 |
| Total | 100,772 | 99,045 |
| Corporate Debt [Member] | ||
| Debt Securities, Available-for-Sale [Line Items] | ||
| Less than one year | 8,400 | 9,346 |
| Due in 1 - 5 years | 50,040 | 45,762 |
| Total | $ 58,440 | $ 55,108 |
Fair Value Measurements - Summary of Fair Values and Unrealized Losses on Investments (Detail) - Corporate Debt [Member] - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
| Less than Twelve Months, Estimated Fair value | $ 3,506 | $ 38,041 |
| Less than Twelve Months, Gross unrealized losses | (3) | (426) |
| Twelve Months or More, Gross unrealized losses | 0 | 1,226 |
| Twelve Months or More, Gross unrealized losses | 0 | (1) |
| Estimated Fair value, Total | 3,506 | 39,267 |
| Gross unrealized losses, Total | $ (3) | $ (427) |
Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers - Schedule of Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Receivables from broker-dealers, clearing organizations and customers: | ||
| Securities failed-to-deliver - broker-dealers and clearing organizations | $ 244,405 | $ 109,307 |
| Securities failed-to-deliver - customers | 131,632 | 136,424 |
| Cash deposits with clearing organizations and broker-dealers | 107,223 | 107,652 |
| Other | 5,951 | 4,345 |
| Total | 489,211 | 357,728 |
| Payables to broker-dealers, clearing organizations and customers: | ||
| Securities failed-to-receive - broker-dealers and clearing organizations | 224,844 | 158,694 |
| Securities failed-to-receive - customers | 93,107 | 51,916 |
| Other | 8,008 | 8,235 |
| Total | $ 325,959 | $ 218,845 |
Acquisitions and Equity Investments - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Sep. 30, 2025 |
Jun. 30, 2025 |
May 31, 2022 |
Dec. 31, 2025 |
|
| Business Acquisition [Line Items] | ||||
| Redeemable noncontrolling interest equity expense | $ 1,900 | |||
| RFQ Hub Holdings LLC [Member] | ||||
| Business Acquisition [Line Items] | ||||
| Goodwill tax deductible amount | $ 19,500 | |||
| Cash consideration | $ 38,069 | $ 38,069 | $ 38,100 | |
| RFQ Hub Holdings LLC [Member] | Other Investee [Member] | ||||
| Business Acquisition [Line Items] | ||||
| Subsidiary, Ownership Percentage, Parent | 90.30% |
Acquisitions and Equity Investments - Summary of Fair Value of Acquired Intangible Assets (Detail) - RFQ Hub Holdings LLC [Member] $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Intangible Asset, Acquired, Finite-Lived [Line Items] | |
| Costs | $ 30,200 |
| Developed technology [Member] | |
| Intangible Asset, Acquired, Finite-Lived [Line Items] | |
| Costs | $ 16,900 |
| Useful lives | 5 years |
| Customer Relationships [Member] | |
| Intangible Asset, Acquired, Finite-Lived [Line Items] | |
| Costs | $ 12,600 |
| Useful lives | 15 years |
| Tradename - Finite Life [Member] | |
| Intangible Asset, Acquired, Finite-Lived [Line Items] | |
| Costs | $ 700 |
| Useful lives | 10 years |
Acquisitions and Equity Investments - Summary of the Changes in Redeemable Noncontrolling Interest (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Business Combination [Abstract] | |
| Balance at December 31, 2024 | $ 0 |
| Redeemable noncontrolling interests assumed through the 2025 RFQ-hub Acquisition | 10,365 |
| Net income attributable to noncontrolling interests | 285 |
| Issuance of noncontrolling interests | 1,942 |
| Balance at December 31, 2025 | $ 12,592 |
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill [Line Items] | |||
| Amortization expense associated with identifiable intangible assets | $ 19.9 | $ 19.8 | $ 18.6 |
| Estimated total amortization expense 2026 | 19.7 | ||
| Estimated total amortization expense 2027 | 18.3 | ||
| Estimated total amortization expense 2028 | 16.7 | ||
| Estimated total amortization expense 2029 | 15.8 | ||
| Estimated total amortization expense 2030 | 11.1 | ||
| Indefinite-lived Intangible Assets [Member] | |||
| Goodwill [Line Items] | |||
| Goodwill and intangible assets with indefinite lives | $ 283.7 | $ 236.7 | |
Goodwill and Intangible Assets - Summary of Changes in Goodwill and Intangible Assets with Indefinite Lives (Detail) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Goodwill [Line Items] | |
| Balance at December 31, 2024 | $ 236,706 |
| Balance at December 31, 2025 | 283,667 |
| RFQ-hub Acquisition [Member] | |
| Goodwill [Line Items] | |
| Goodwill from the 2025 RFQ-hub Acquisition | $ 46,961 |
Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Finite Lived Intangible Assets [Line Items] | ||
| Cost | $ 214,222 | $ 179,219 |
| Accumulated amortization | (103,593) | (81,141) |
| Net carrying amount | 110,629 | 98,078 |
| Customer Relationships [Member] | ||
| Finite Lived Intangible Assets [Line Items] | ||
| Cost | 155,492 | 138,089 |
| Accumulated amortization | (80,539) | (64,698) |
| Net carrying amount | 74,953 | 73,391 |
| Developed technology [Member] | ||
| Finite Lived Intangible Assets [Line Items] | ||
| Cost | 55,970 | 39,070 |
| Accumulated amortization | (21,984) | (15,501) |
| Net carrying amount | 33,986 | 23,569 |
| Other [Member] | ||
| Finite Lived Intangible Assets [Line Items] | ||
| Cost | 2,760 | 2,060 |
| Accumulated amortization | (1,070) | (942) |
| Net carrying amount | $ 1,690 | $ 1,118 |
Capitalized Software, Furniture, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Property, Plant and Equipment [Abstract] | ||
| Software development costs | $ 53.0 | $ 49.1 |
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current: | |||
| Federal | $ 22,242 | $ 48,337 | $ 49,028 |
| State and local | 41,240 | 9,695 | 4,047 |
| Foreign | 34,582 | 32,211 | 27,385 |
| Total current provision | 98,064 | 90,243 | 80,460 |
| Deferred: | |||
| Federal | 18,009 | (2,884) | (2,823) |
| State and local | 4,575 | (573) | (754) |
| Foreign | (565) | (421) | (2,238) |
| Total deferred provision | 22,019 | (3,878) | (5,815) |
| Provision for income taxes | $ 120,083 | $ 86,365 | $ 74,645 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Schedule Of Pre Tax Income [Line Items] | ||||
| Pre-tax income from U.S. operations | $ 235,800 | $ 235,800 | $ 228,800 | |
| Pre-tax income from foreign operations | $ 131,200 | $ 124,700 | $ 103,900 | |
| U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% | |
| Unrecognized tax benefits | $ 22,363 | $ 0 | $ 3,130 | $ 9,835 |
| Recognized penalties and interest on unrecognized tax benefits | 11,700 | 300 | $ 1,600 | |
| Penalties and interest accrued on unrecognized tax benefits | $ 11,700 | $ 0 | ||
| New York State [Member] | ||||
| Schedule Of Pre Tax Income [Line Items] | ||||
| Income tax year under examination | 2015 2016 2017 2018 2019 2020 | |||
| New York City [Member] | ||||
| Schedule Of Pre Tax Income [Line Items] | ||||
| Income tax year under examination | 2016 2017 2018 | |||
Income Taxes - Summary of Company's Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred tax assets: | ||
| Stock compensation expense | $ 4,962 | $ 4,880 |
| Operating lease liabilities | 15,267 | 15,753 |
| Deferred compensation | 2,907 | 2,700 |
| Capitalized software development | 0 | 3,130 |
| Other | 110 | 1,096 |
| Total deferred tax assets | 23,244 | 27,559 |
| Valuation allowance | 0 | 0 |
| Net deferred tax assets | 23,244 | 27,559 |
| Deferred tax liabilities: | ||
| Capitalized software development | (16,397) | 0 |
| Depreciation | (5,998) | (6,990) |
| Goodwill and intangible assets | (6,667) | (5,307) |
| Operating lease right-of-use assets | (12,098) | (12,515) |
| Other deferred tax liabilities | (901) | 0 |
| Deferred tax asset/(liability), net | $ (18,816) | $ 2,747 |
Income Taxes - Summary of the Company's Taxes Paid Net of Refunds (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| United Sates Federal | $ 20,262 | $ 48,902 | $ 49,300 |
| Total taxes paid, net of refunds | 62,834 | 96,932 | 94,814 |
| New York [Member] | |||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| United States State and Local | 3,802 | 7,192 | 6,921 |
| New York City [Member] | |||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| United States State and Local | 3,406 | 8,420 | 6,478 |
| United States State and Local, Other [Member] | |||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| United States State and Local | 3,141 | 433 | 494 |
| United Kingdom [Member] | |||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| Foreign | 23,467 | 23,594 | 20,310 |
| Netherlands [Member] | |||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| Foreign | 6,813 | 7,524 | 10,828 |
| Other [Member] | |||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| Foreign | $ 1,943 | $ 867 | $ 483 |
Income Taxes - Reconciliation of the Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Balance at beginning of year | $ 0 | $ 3,130 | $ 9,835 |
| Increase based on tax positions related to the current period | 2,454 | 0 | 0 |
| Increase based on tax positions related to prior periods | 19,909 | 0 | 0 |
| (Decrease) related to cash settlements with taxing authorities | 0 | (3,130) | (6,705) |
| Balance at end of year | $ 22,363 | $ 0 | $ 3,130 |
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands |
2 Months Ended | 3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
Dec. 09, 2025 |
Feb. 04, 2026 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Class of Stock [Line Items] | ||||||||
| Common stock, shares authorized | 110,000,000 | 110,000,000 | 110,000,000 | 110,000,000 | ||||
| Common stock entitles | one | |||||||
| Cash dividends declared per common share | $ 0.76 | $ 0.74 | $ 0.72 | $ 3.04 | $ 2.96 | $ 2.88 | ||
| Shares repurchase program, value | $ 420,015 | $ 75,474 | ||||||
| Treasury stock | $ 694,764 | $ 333,369 | 694,764 | $ 333,369 | ||||
| Accelerated Share Repurchase Program [Member] | ||||||||
| Class of Stock [Line Items] | ||||||||
| Initial settlement payment amount | $ 300,000 | |||||||
| Share repurchases (in shares) | 1,386,001 | |||||||
| Percentage of shares delivered initially | 80.00% | |||||||
| Initial price per share | $ 173.16 | |||||||
| Treasury stock | $ 240,000 | |||||||
| Share repurchases additonal paid in capital | $ 60,000 | |||||||
| Accelerated Share Repurchase Program [Member] | Subsequent Event [Member] | ||||||||
| Class of Stock [Line Items] | ||||||||
| Final price paid per share | $ 171.84 | |||||||
| Delivery of shares (in shares) | 359,782 | |||||||
| 2022 Repurchase Program, 2024 Repurchase Program and 2025 Repurchase Program | ||||||||
| Class of Stock [Line Items] | ||||||||
| Shares repurchase program, value | $ 360,000 | |||||||
| Shares repurchase program, shares | 1,980,715 | |||||||
| Share repurchase program, remaining capacity | $ 205,000 | $ 205,000 | ||||||
| Common Stock Non-Voting [Member] | ||||||||
| Class of Stock [Line Items] | ||||||||
| Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||
| Common Stock Voting [Member] | ||||||||
| Class of Stock [Line Items] | ||||||||
| Common stock, shares authorized | 110,000,000 | 110,000,000 | ||||||
Stockholders' Equity - Summary of the Companys Change in the Common Stock (Detail) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Class of Stock [Line Items] | |||
| Outstanding shares of voting common stock at the beginning of year | 37,646,374 | ||
| Exercise of stock options | 0 | 22,044 | 5,653 |
| Outstanding shares of voting common stock at the end of year | 35,776,886 | 37,646,374 | |
| Voting Common Stock [Member] | |||
| Class of Stock [Line Items] | |||
| Outstanding shares of voting common stock at the beginning of year | 37,646,000 | 37,900,000 | 37,648,000 |
| Exercise of stock options | 0 | 16,000 | 6,000 |
| Issuance of restricted stock and performance shares, net of cancellations | 183,000 | 125,000 | 97,000 |
| Shares withheld for withholding tax payments | (81,000) | (61,000) | (81,000) |
| Repurchases | (1,981,000) | (342,000) | 0 |
| Reissuance of treasury stock | 10,000 | 8,000 | 5,000 |
| Treasury stock used for acquisition | 0 | 0 | 225,000 |
| Outstanding shares of voting common stock at the end of year | 35,777,000 | 37,646,000 | 37,900,000 |
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Apr. 30, 2023 |
Mar. 31, 2022 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Jun. 08, 2022 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Shares available for grant under the stock incentive plan | 2,443,643 | ||||||
| Period vested for option grants | 3 years | ||||||
| Options Expiration Period | 6 years | ||||||
| Weighted-average fair value option granted | $ 67.2 | $ 77.16 | $ 123.47 | ||||
| Grant date fair value | $ 0 | ||||||
| Fair value assumptions, Risk free interest rate | 4.20% | 4.00% | 3.60% | ||||
| Fair value assumptions, Dividend yield rate | 1.50% | 1.30% | 0.80% | ||||
| Closing price of common stock | $ 181.25 | ||||||
| Unrecognized compensation costs related to non-vested | $ 1,600 | ||||||
| Weighted-average period over which cost is expected to be recognized | 1 year 6 months | ||||||
| Stock based compensation, Description | The performance stock units vest 25% on each of the third and fourth anniversaries of the grant date and 50% on the fifth anniversary of the grant date, subject to certification of the performance criteria and his continued service through the respective vesting dates. | ||||||
| Grant date deemed probable to vest | $ 0 | ||||||
| Common stock, shares issued | 41,121,305 | 41,020,421 | |||||
| Employees [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Share-based payment arrangement, amount capitalized | $ 1,800 | $ 1,200 | $ 900 | ||||
| Performance Based Share [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Number of non-option equity instruments granted during the period | 1,797 | 5,039 | 3,986 | ||||
| Performance Based Share [Member] | Chief Operating Officer [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Share-based compensation arrangement by share-based payment award award vesting date | Mar. 01, 2025 | ||||||
| Performance Based Share [Member] | Chief Financial Officer [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Share-based compensation arrangement by share-based payment award award vesting date | Jun. 03, 2027 | ||||||
| Performance Based Share [Member] | Third and Fourth Anniversary [Member] | Chief Executive Officer [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Vesting right, percent | 25.00% | ||||||
| Performance Based Share [Member] | Fifth Anniversary [Member] | Chief Executive Officer [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Vesting right, percent | 50.00% | ||||||
| Employees Stock Purchase Plan [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Shares available for grant under the stock incentive plan | 97,712 | 121,221 | |||||
| Common stock, shares issued | 10,343 | ||||||
| Full Value Awards [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Unrecognized compensation costs related to non-vested | $ 42,700 | ||||||
| Weighted-average period over which cost is expected to be recognized | 1 year 8 months 12 days | ||||||
| Minimum [Member] | Performance Based Share [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Pay-out ranges, Minimum | 0.00% | 0.00% | 0.00% | ||||
| Maximum [Member] | Performance Based Share [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Pay-out ranges, Maximum | 200.00% | 200.00% | 200.00% | ||||
Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Total stock-based compensation | $ 32,668 | $ 30,847 | $ 29,190 |
| Employees [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Total stock-based compensation | 28,248 | 29,335 | 27,797 |
| Employees [Member] | Full Value Awards [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Total stock-based compensation | 27,195 | 27,607 | 24,205 |
| Employees [Member] | Stock Options [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Total stock-based compensation | 1,053 | 1,728 | 3,592 |
| Non-Employee Directors [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Total stock-based compensation | 4,420 | 1,512 | 1,393 |
| Non-Employee Directors [Member] | Stock Options [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Total stock-based compensation | 537 | 0 | 0 |
| Non-Employee Directors [Member] | Restricted Stock and Restricted Stock Units [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Total stock-based compensation | $ 3,883 | $ 1,512 | $ 1,393 |
Stock-Based Compensation Plans - Assumptions Used for the Black-Scholes Option-Pricing Model to Determine the Per Share Weighted Average Fair Value for Options Granted (Detail) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Expected life (years) | 5 years | 4 years 8 months 12 days | 5 years |
| Risk-free interest rate | 4.20% | 4.00% | 3.60% |
| Expected volatility | 38.20% | 39.20% | 35.80% |
| Expected dividend yield | 1.50% | 1.30% | 0.80% |
Stock-Based Compensation Plans - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Number of Shares, Beginning balance | 83,228 | 313,957 | 306,253 |
| Number of Shares, Granted | 20,606 | 20,793 | 13,908 |
| Number of Shares, Canceled or forfeited | (740) | (229,478) | (551) |
| Number of Shares, Exercised | 0 | (22,044) | (5,653) |
| Number of Shares, Ending Balance | 103,094 | 83,228 | 313,957 |
| Number of Shares, Exercisable | 64,486 | ||
| Weighted Average Exercise Price, Beginning Balance | $ 353.14 | $ 295.74 | $ 290.65 |
| Weighted Average Exercise Price, Granted | 193.49 | 220.5 | 358.53 |
| Weighted Average Exercise Price, Canceled or forfeited | 374.44 | 276.79 | 382.12 |
| Weighted Average Exercise Price, Exercised | 0 | 205.28 | 166.34 |
| Weighted Average Exercise Price, Ending Balance | 321.08 | $ 353.14 | $ 295.74 |
| Weighted Average Exercise Price, Exercisable | $ 380.77 | ||
| Remaining Contractual Term, Outstanding at December 31, 2024 | 3 years 2 months 12 days | ||
| Remaining Contractual Term, Exercisable at December 31, 2024 | 2 years 2 months 12 days | ||
| Intrinsic Value, Exercised | $ 0 | ||
| Intrinsic Value, Ending Balance | 0 | ||
| Intrinsic Value, Exercisable | $ 0 | ||
Stock-Based Compensation Plans - Schedule of Estimated, Target and Maximum Share Payouts (Details) |
Dec. 31, 2025
shares
|
|---|---|
| February 15, 2023 | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Award Date | Feb. 15, 2023 |
| Estimate | 6,942 |
| Target | 16,273 |
| Maximum | 32,546 |
| February 15, 2024 | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Award Date | Feb. 15, 2024 |
| Estimate | 23,656 |
| Target | 24,147 |
| Maximum | 48,294 |
| June 3, 2024 | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Award Date | Jun. 03, 2024 |
| Estimate | 1,633 |
| Target | 1,797 |
| Maximum | 3,594 |
| February 15, 2025 | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Award Date | Feb. 15, 2025 |
| Estimate | 26,592 |
| Target | 27,871 |
| Maximum | 55,742 |
Stock-Based Compensation Plans - Full Value Awards activity (Detail) - Restricted Stock [Member] - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Number of Restricted Shares, Beginning balance | 199,801 | 160,544 | 162,356 |
| Number of Restricted Shares, Granted | 203,579 | 150,031 | 90,242 |
| Number of Restricted Shares, Performance share pay-out | 9,812 | 4,739 | 12,145 |
| Number of Restricted Shares, Forfeited | (30,645) | (29,581) | (5,272) |
| Number of Restricted Shares, Vested | (107,995) | (85,932) | (98,927) |
| Number of Restricted Shares, Ending balance | 274,552 | 199,801 | 160,544 |
| Weighted Average Grant Date Fair Value, Beginning balance | $ 276.74 | $ 346.15 | $ 321.04 |
| Weighted Average Grant Date Fair Value, Granted | 194.2 | 217.8 | 328.17 |
| Weighted Average Grant Date Fair Value, Performance share pay-out | 350.94 | 522.57 | 360.9 |
| Weighted Average Grant Date Fair Value, Forfeited | 226.61 | 255.35 | 376.51 |
| Weighted Average Grant Date Fair Value, Vested | 278.22 | 324.42 | 288.73 |
| Weighted Average Grant Date Fair Value, Ending balance | $ 223.2 | $ 276.74 | $ 346.15 |
Earnings Per Share - Basic and Diluted Weighted Average Shares Outstanding Used to Compute Earnings Per Share (Detail) - $ / shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Earnings Per Share [Abstract] | |||
| Basic weighted average shares outstanding | 37,056 | 37,600 | 37,546 |
| Dilutive effect of stock options and Full Value Awards | 81 | 72 | 108 |
| Diluted weighted average shares outstanding | 37,137 | 37,672 | 37,654 |
| Basic earnings per share | $ 6.66 | $ 7.29 | $ 6.87 |
| Diluted earnings per share | $ 6.64 | $ 7.28 | $ 6.85 |
Earnings Per Share - Additional Information (Detail) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Stock Options And Full Value Awards [Member] | |||
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
| Stock options and full value awards excluded from the computation of diluted earnings per share | 183,624 | 329,810 | 306,678 |
Credit Agreements and Short-term Financing - Additional Information (Detail) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Aug. 09, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Line Of Credit Facility [Line Items] | ||||
| Borrowings | $ 220,000,000 | $ 0 | ||
| Interest expense on short-term debt | 700,000 | 1,400,000 | $ 700,000 | |
| Outstanding overdrafts payable | 0 | |||
| Collateralized Agreements [Member] | ||||
| Line Of Credit Facility [Line Items] | ||||
| Interest expense on borrowings | 0 | 100,000 | 100,000 | |
| Maximum available borrowings to subsidiary under agreement | $ 500,000,000 | |||
| Interest rate, stated percentage | 1.00% | |||
| Outstanding borrowings under agreement | $ 0 | |||
| Unused borrowing capacity, amount under agreement | $ 500,000,000 | |||
| Collateralized Agreements [Member] | Minimum [Member] | ||||
| Line Of Credit Facility [Line Items] | ||||
| Interest rate, stated percentage | 0.25% | |||
| Collateralized Borrowing Agreement [Member] | ||||
| Line Of Credit Facility [Line Items] | ||||
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:BaseRateMember | |||
| 2021 Credit Agreement [Member] | ||||
| Line Of Credit Facility [Line Items] | ||||
| Interest expense on borrowings | 100,000 | |||
| 2023 Credit Agreement [Member] | ||||
| Line Of Credit Facility [Line Items] | ||||
| Sub-limit for swingline loans | $ 380,000,000 | |||
| Interest expense on borrowings | $ 800,000 | $ 200,000 | $ 100,000 | |
| Interest rate, stated percentage | 5.10% | |||
| Line of Credit Facility, Description | On August 9, 2023, the Company entered into the 2023 Credit Agreement provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent | |||
| Revolving Credit Facility [Member] | 2023 Credit Agreement [Member] | ||||
| Line Of Credit Facility [Line Items] | ||||
| Revolving loans and letters of credit | $ 750,000,000 | |||
| Expiration period of credit agreement | Aug. 09, 2026 | |||
| Period of credit agreement | 364 days | |||
| Letter of credit outstanding | $ 100,000 | |||
| Amount available under credit agreement | 529,900,000 | |||
| Additional borrowings under credit agreement | 375,000,000 | |||
| Borrowings | $ 220,000,000 | |||
| Standby Letters of Credit [Member] | 2023 Credit Agreement [Member] | ||||
| Line Of Credit Facility [Line Items] | ||||
| Sub-limit for letter of credit | $ 5,000,000 | |||
Leases - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Lessee Lease Description [Line Items] | ||
| Operating lease, option to extend | Certain leases contain options to extend the initial term at the Company’s discretion | |
| Operating lease, existence of option to extend [true false] | true | |
| Finance lease expense | $ 0.1 | $ 0.1 |
| Minimum [Member] | ||
| Lessee Lease Description [Line Items] | ||
| Term of lease contract | 1 year | |
| Operating and finance leases for equipment | 1 year | |
| Maximum [Member] | ||
| Lessee Lease Description [Line Items] | ||
| Term of lease contract | 15 years | |
| Operating and finance leases for equipment | 5 years | |
Leases - Schedule of Components of Operating Lease Expense (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lease Cost [Line Items] | |||
| Total operating lease cost | $ 15,094 | $ 14,751 | $ 13,196 |
| Occupancy [Member] | |||
| Lease Cost [Line Items] | |||
| Operating lease cost - office space | 11,325 | 11,034 | 12,861 |
| Variable lease costs | 3,379 | 3,327 | 237 |
| Technology and Communications [Member] | |||
| Lease Cost [Line Items] | |||
| Operating lease cost - equipment | $ 390 | $ 390 | $ 98 |
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted average remaining lease term (in years) - operating leases | 8 years 1 month 6 days | 8 years 9 months 18 days |
| Weighted average discount rate - operating leases | 6.10% | 6.10% |
| Weighted average remaining lease term (in years) - finance leases | 0 years | 9 months 18 days |
| Weighted average discount rate - finance leases | 0.00% | 7.20% |
Leases - Schedule of Maturity of Lease Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| 2026 | $ 12,671 | |
| 2027 | 9,555 | |
| 2028 | 8,732 | |
| 2029 | 9,006 | |
| 2030 | 9,039 | |
| 2031 and thereafter | 33,186 | |
| Total lease payments | 82,189 | |
| Less: imputed interest | 17,251 | |
| Present value of lease liabilities | $ 64,938 | $ 72,654 |
Commitments and Contingencies - Additional Information (Detail) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Settlement days of bond transaction | within one to two trading days |
Segment and Geographic Information - Additional Information (Detail) - Segment |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenues From External Customers And Long Lived Assets [Line Items] | |||
| Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] | Chief Executive Officer [Member] | ||
| Number of reportable segments | 1 | ||
| Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description | The Company’s CODM is its Chief Executive Officer. The CODM uses net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the Company’s end-to-end trading solutions or into other areas, such as for acquisitions or to pay dividends. Net income is used to monitor budget versus actual results. The significant segment expenses and net income reviewed by the CODM conform to the presentation of such items in the consolidated statements of operations. | ||
| Geographic Concentration Risk [Member] | Total Revenue and Long-lived Assets [Member] | United Kingdom [Member] | |||
| Revenues From External Customers And Long Lived Assets [Line Items] | |||
| Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Segment and Geographic Information - Summary of Revenue and Long-lived Assets (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Segment Reporting Information [Line Items] | |||
| Revenues | $ 846,268 | $ 817,097 | $ 752,547 |
| Long-lived assets | 112,431 | 107,298 | |
| United States [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 568,383 | 568,595 | 523,683 |
| Long-lived assets | 99,849 | 92,983 | |
| United Kingdom [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 177,257 | 161,838 | 147,019 |
| Long-lived assets | 10,740 | 12,683 | |
| Other [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 100,628 | 86,664 | $ 81,845 |
| Long-lived assets | $ 1,842 | $ 1,632 | |
Retirement and Deferred Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Retirement Benefits [Abstract] | |||
| Contribution to defined plans | $ 12.4 | $ 11.7 | $ 7.6 |
| Non-qualified deferred cash incentive plan maximum eligibility percentage of employees | 100.00% | ||
| Mutual fund investments and deferred compensation obligation, at fair value | $ 11.5 | $ 11.1 | |
Cash and Cash Equivalents and Restricted Cash - Summary of Reconciliation of Cash and Cash Equivalents with Restricted or Segregated Cash (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Cash And Cash Equivalents [Line Items] | |||
| Cash and cash equivalents | $ 519,734 | $ 544,478 | |
| Cash segregated for regulatory purposes | 48,722 | 47,107 | |
| Total | 675,851 | 700,459 | $ 611,672 |
| Cash and Cash Equivalents [Member] | |||
| Cash And Cash Equivalents [Line Items] | |||
| Cash and cash equivalents | 519,734 | 544,478 | 451,280 |
| Cash Segregated under Federal Regulations [Member] | |||
| Cash And Cash Equivalents [Line Items] | |||
| Cash segregated for regulatory purposes | 48,722 | 47,107 | 45,122 |
| Receivables from Broker-Dealers, Clearing Organizations and Customers [Member] | |||
| Cash And Cash Equivalents [Line Items] | |||
| Restricted cash deposits with clearing organizations and broker-dealers | 107,223 | 107,652 | 115,151 |
| Prepaid Expenses and Other Assets [Member] | |||
| Cash And Cash Equivalents [Line Items] | |||
| Other restricted cash deposits | $ 172 | $ 1,222 | $ 119 |
Parent Company Information - Condensed Statements of Financial Condition (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| Cash and cash equivalents | $ 519,734 | $ 544,478 | ||
| Investments, at fair value | 170,677 | 165,260 | ||
| Accounts receivable | 100,989 | 91,845 | ||
| Intangible assets, net of accumulated amortization | 110,629 | 98,078 | ||
| Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization | 112,431 | 107,298 | ||
| Operating lease right-of-use assets | 51,854 | 58,132 | ||
| Prepaid expenses and other assets | 46,972 | 82,584 | ||
| Total assets | 1,934,886 | 1,789,216 | ||
| Liabilities | ||||
| Accrued employee compensation | 73,879 | 68,054 | ||
| Income and other tax liabilities | 49,267 | 3,683 | ||
| Borrowings | 220,000 | 0 | ||
| Accounts payable, accrued expenses and other liabilities | 42,584 | 37,320 | ||
| Operating lease liabilities | 64,938 | 72,654 | ||
| Total liabilities | 776,627 | 400,556 | ||
| Redeemable noncontrolling interest | 12,592 | 0 | ||
| Stockholders' equity | ||||
| Preferred stock | 0 | 0 | ||
| Common stock voting | 123 | 123 | ||
| Additional paid-in capital | 305,923 | 350,701 | ||
| Treasury stock | (694,764) | (333,369) | ||
| Retained earnings | 1,538,746 | 1,405,904 | ||
| Accumulated other comprehensive loss | (4,361) | (34,699) | ||
| Total stockholders' equity | 1,145,667 | 1,388,660 | $ 1,292,963 | $ 1,081,093 |
| Total liabilities, redeemable noncontrolling interest and stockholders' equity | 1,934,886 | 1,789,216 | ||
| MarketAxess Holdings Inc. (Parent) [Member] | ||||
| ASSETS | ||||
| Cash and cash equivalents | 9,254 | 94,332 | ||
| Investments, at fair value | 64,298 | 60,735 | ||
| Accounts receivable | 1,267 | 1,397 | ||
| Receivable from subsidiaries | 13,754 | 22,606 | ||
| Intangible assets, net of accumulated amortization | 16 | 18 | ||
| Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization | 13,464 | 15,617 | ||
| Operating lease right-of-use assets | 47,430 | 51,416 | ||
| Investments in subsidiaries | 1,300,111 | 1,179,524 | ||
| Prepaid expenses and other assets | 7,294 | 40,903 | ||
| Income and other tax receivable | 9,779 | 8,253 | ||
| Total assets | 1,466,667 | 1,474,801 | ||
| Liabilities | ||||
| Accrued employee compensation | 9,178 | 9,707 | ||
| Income and other tax liabilities | 3,142 | 722 | ||
| Borrowings | 220,000 | 0 | ||
| Accounts payable, accrued expenses and other liabilities | 16,037 | 10,646 | ||
| Operating lease liabilities | 60,051 | 65,066 | ||
| Total liabilities | 308,408 | 86,141 | ||
| Redeemable noncontrolling interest | 12,592 | 0 | ||
| Stockholders' equity | ||||
| Preferred stock | 0 | 0 | ||
| Common stock voting | 123 | 123 | ||
| Additional paid-in capital | 305,923 | 350,701 | ||
| Treasury stock | (694,764) | (333,369) | ||
| Retained earnings | 1,538,746 | 1,405,904 | ||
| Accumulated other comprehensive loss | (4,361) | (34,699) | ||
| Total stockholders' equity | 1,145,667 | 1,388,660 | ||
| Total liabilities, redeemable noncontrolling interest and stockholders' equity | 1,466,667 | 1,474,801 | ||
| Series A Preferred Stock [Member] | ||||
| Stockholders' equity | ||||
| Preferred stock | 0 | 0 | ||
| Series A Preferred Stock [Member] | MarketAxess Holdings Inc. (Parent) [Member] | ||||
| Stockholders' equity | ||||
| Preferred stock | $ 0 | $ 0 |
Parent Company Information - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenues | $ 846,268 | $ 817,097 | $ 752,547 |
| Expenses | |||
| Employee compensation and benefits | 248,537 | 235,880 | 206,926 |
| Depreciation and amortization | 76,699 | 73,824 | 70,557 |
| Professional and consulting fees | 31,487 | 27,382 | 31,935 |
| General and administrative | 26,588 | 22,709 | 23,042 |
| Total expenses | 504,430 | 476,227 | 437,528 |
| Operating income | 341,838 | 340,870 | 315,019 |
| Other income (expense) | |||
| Interest expense | (1,487) | (1,601) | (1,983) |
| Equity in earnings of unconsolidated affiliate | 457 | 1,395 | 735 |
| Other, net | 1,790 | (6,164) | (3,496) |
| Total other income (expense) | 25,157 | 19,676 | 17,681 |
| Income before income taxes and equity in undistributed earnings of subsidiaries | 366,995 | 360,546 | 332,700 |
| Benefit from income taxes | 120,083 | 86,365 | 74,645 |
| Net income | 246,627 | 274,181 | 258,055 |
| Comprehensive income available for common stockholders | 276,895 | 263,852 | 271,382 |
| MarketAxess Holdings Inc. (Parent) [Member] | |||
| Revenues | 258,450 | 246,600 | 270,700 |
| Expenses | |||
| Employee compensation and benefits | 10,388 | 12,091 | 13,938 |
| Depreciation and amortization | 2,200 | 2,186 | 2,153 |
| Professional and consulting fees | 6,341 | 6,149 | 5,828 |
| General and administrative | 4,154 | 1,660 | 2,301 |
| Total expenses | 23,083 | 22,086 | 24,220 |
| Operating income | 235,367 | 224,514 | 246,480 |
| Other income (expense) | |||
| Interest income | 5,202 | 4,615 | 3,557 |
| Interest expense | (769) | (167) | (155) |
| Equity in earnings of unconsolidated affiliate | 457 | 1,395 | 735 |
| Other, net | 2,249 | (5,088) | (369) |
| Total other income (expense) | 7,139 | 755 | 3,768 |
| Income before income taxes and equity in undistributed earnings of subsidiaries | 242,506 | 225,269 | 250,248 |
| Benefit from income taxes | (4,122) | (6,550) | (5,586) |
| Income before equity in undistributed income of subsidiaries | 246,628 | 231,819 | 255,834 |
| Equity in undistributed income of subsidiaries | 284 | 42,362 | 2,221 |
| Net income | 246,912 | 274,181 | 258,055 |
| Other comprehensive income (loss), net | 30,338 | (10,329) | 13,327 |
| Comprehensive income available for common stockholders | $ 277,250 | $ 263,852 | $ 271,382 |
Parent Company Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash flows from operating activities | |||
| Net Income (Loss) | $ 246,627 | $ 274,181 | $ 258,055 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 76,699 | 73,824 | 70,557 |
| Amortization of operating lease right-of-use assets | 7,523 | 6,639 | 5,853 |
| Stock-based compensation expense | 30,918 | 29,684 | 29,190 |
| Deferred taxes | 22,019 | (3,878) | (5,815) |
| Other | (1,620) | 7,042 | (3,113) |
| Changes in operating assets and liabilities: | |||
| (Increase)/decrease in accounts receivable | (2,380) | (3,730) | (7,116) |
| Decrease in prepaid expenses and other assets | 819 | 1,009 | (11,898) |
| (Decrease) increase in accrued employee compensation | 3,195 | 7,049 | 1,466 |
| Increase (decrease) in income and other tax liabilities | 23,510 | (3,284) | (14,691) |
| (Decrease)/increase in accounts payable, accrued expenses and other liabilities | 4,000 | 3,543 | (7,229) |
| (Decrease) in operating lease liabilities | (9,019) | (8,730) | (6,735) |
| Net cash provided by operating activities | 382,139 | 385,237 | 333,767 |
| Cash flows from investing activities | |||
| Acquisition of business | (36,515) | 0 | (78,476) |
| Proceeds from maturities and sales | 10,570 | 12,440 | 4,452 |
| Purchases | (12,968) | (42,810) | (28,818) |
| Purchases of furniture, equipment and leasehold improvements | (8,204) | (9,942) | (9,326) |
| Net cash (used in) investing activities | (96,927) | (86,935) | (155,290) |
| Cash flows from financing activities | |||
| Cash dividends on common stock | (115,199) | (112,697) | (109,658) |
| Exercise of stock options | 0 | 2,988 | 940 |
| Withholding tax payments on Full Value Awards vesting and stock option exercises | (17,155) | (16,194) | (25,839) |
| Repurchases of common stock | (420,015) | (75,474) | 0 |
| Net cash (used in) financing activities | (332,369) | (201,377) | (147,057) |
| Effect of exchange rate changes on cash and cash equivalents | 22,549 | (8,138) | 7,588 |
| Cash and cash equivalents including restricted cash | |||
| Net increase/(decrease) for the period | (24,608) | 88,787 | 39,008 |
| Beginning of period | 700,459 | 611,672 | 572,664 |
| End of period | 675,851 | 700,459 | 611,672 |
| Supplemental cash flow information: | |||
| Cash paid for income taxes | 62,834 | 96,932 | 94,814 |
| Cash paid for interest | 721 | 1,717 | 1,870 |
| Non-cash investing and financing activity | |||
| Excise tax on repurchases of common stock | 3,361 | 0 | 0 |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 783 | 1,840 | 1,183 |
| Treasury stock used for acquisition of business | 0 | 0 | (43,841) |
| MarketAxess Holdings Inc. (Parent) [Member] | |||
| Cash flows from operating activities | |||
| Net Income (Loss) | 246,912 | 274,181 | 258,055 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 2,200 | 2,186 | 2,153 |
| Amortization of operating lease right-of-use assets | 3,986 | 3,697 | 3,361 |
| Stock-based compensation expense | 7,042 | 7,130 | 9,725 |
| Deferred taxes | (625) | 397 | 101 |
| Equity in undistributed income of subsidiaries | (284) | (42,362) | (2,221) |
| Other | (550) | 4,304 | (4,675) |
| Changes in operating assets and liabilities: | |||
| (Increase)/decrease in accounts receivable | 130 | 526 | (1,154) |
| Decrease in receivable from subsidiaries | 26,332 | 12,694 | 5,474 |
| Decrease in prepaid expenses and other assets | 2,057 | 304 | 1,296 |
| (Decrease) increase in accrued employee compensation | (529) | 1,118 | (1,104) |
| (Increase) decrease in income and other tax receivables | (1,526) | (579) | 3,800 |
| Increase (decrease) in income and other tax liabilities | (941) | (2,278) | 2,287 |
| (Decrease)/increase in accounts payable, accrued expenses and other liabilities | 8,495 | 4,809 | (861) |
| (Decrease) in operating lease liabilities | (5,015) | (4,669) | (3,624) |
| Net cash provided by operating activities | 287,452 | 261,364 | 272,424 |
| Cash flows from investing activities | |||
| Acquisition of business | (38,069) | 0 | (81,161) |
| Investments in subsidiaries | (700) | (30) | (10,058) |
| Proceeds from maturities and sales | 10,570 | 12,440 | 4,454 |
| Purchases | (12,968) | (42,810) | (28,818) |
| Purchases of furniture, equipment and leasehold improvements | (44) | (156) | (239) |
| Net cash (used in) investing activities | (41,211) | (30,556) | (115,822) |
| Cash flows from financing activities | |||
| Cash dividends on common stock | (115,199) | (112,697) | (109,658) |
| Exercise of stock options | 0 | 2,988 | 940 |
| Withholding tax payments on Full Value Awards vesting and stock option exercises | (17,155) | (16,194) | (25,839) |
| Repurchases of common stock | (420,015) | (75,474) | 0 |
| Proceeds from borrowings | 220,000 | 100,000 | 100,000 |
| Repayments of borrowings | 0 | (100,000) | (100,000) |
| Net cash (used in) financing activities | (332,369) | (201,377) | (134,557) |
| Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | (3) |
| Cash and cash equivalents including restricted cash | |||
| Net increase/(decrease) for the period | (86,128) | 29,431 | 22,042 |
| Beginning of period | 95,382 | 65,951 | 43,909 |
| End of period | 9,254 | 95,382 | 65,951 |
| Supplemental cash flow information: | |||
| Cash paid for income taxes | 44,179 | 53,999 | 55,784 |
| Cash paid for interest | 0 | 167 | 35 |
| Non-cash investing and financing activity | |||
| Exercise of stock options - cashless | 0 | 1,735 | 0 |
| Excise tax on repurchases of common stock | 3,361 | 0 | 0 |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 0 | 0 | 1,072 |
| Treasury stock used for acquisition of business | 0 | 0 | 43,841 |
| Mutual Funds Held In Rabbi Trust [Member] | |||
| Changes in operating assets and liabilities: | |||
| (Increase)/decrease in trading investments | (359) | (621) | (1,103) |
| Mutual Funds Held In Rabbi Trust [Member] | MarketAxess Holdings Inc. (Parent) [Member] | |||
| Changes in operating assets and liabilities: | |||
| (Increase)/decrease in trading investments | (232) | (94) | (189) |
| Trading Investments [Member] | |||
| Changes in operating assets and liabilities: | |||
| (Increase)/decrease in trading investments | $ 206 | $ (629) | $ (25,248) |
Subsequent Events - Additional Information (Detail) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Feb. 02, 2029 |
Feb. 04, 2026
USD ($)
LetterOfCredit
|
Aug. 09, 2023
USD ($)
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
|
| Subsequent Event [Line Items] | |||||
| Borrowings | $ 220,000 | $ 0 | |||
| 2026 Amended Credit Agreement [Member] | Subsequent Event [Member] | |||||
| Subsequent Event [Line Items] | |||||
| Sub-limit for swingline loans | $ 380,000 | ||||
| Credit spread adjustment | 0.10% | ||||
| Borrowings | $ 220,000 | ||||
| 2026 Amended Credit Agreement [Member] | Maximum [Member] | Subsequent Event [Member] | |||||
| Subsequent Event [Line Items] | |||||
| Changes of debt amount under the calculation of consolidated leverage ratio | 200,000 | ||||
| 2026 Amended Credit Agreement [Member] | Minimum [Member] | Subsequent Event [Member] | |||||
| Subsequent Event [Line Items] | |||||
| Changes of debt amount under the calculation of consolidated leverage ratio | $ 30,000 | ||||
| 2023 Credit Agreement [Member] | |||||
| Subsequent Event [Line Items] | |||||
| Sub-limit for swingline loans | $ 380,000 | ||||
| 2023 Credit Agreement [Member] | Subsequent Event [Member] | |||||
| Subsequent Event [Line Items] | |||||
| Standby letter of credit | LetterOfCredit | 1 | ||||
| Revolving Credit Facility [Member] | 2026 Amended Credit Agreement [Member] | Subsequent Event [Member] | |||||
| Subsequent Event [Line Items] | |||||
| Revolving loans and letters of credit | $ 750,000 | ||||
| Additional borrowings under credit agreement | $ 375,000 | ||||
| Expiration period of credit agreement | Feb. 02, 2029 | ||||
| Period of credit agreement | 364 days | ||||
| Revolving Credit Facility [Member] | 2023 Credit Agreement [Member] | |||||
| Subsequent Event [Line Items] | |||||
| Revolving loans and letters of credit | $ 750,000 | ||||
| Additional borrowings under credit agreement | $ 375,000 | ||||
| Expiration period of credit agreement | Aug. 09, 2026 | ||||
| Period of credit agreement | 364 days | ||||
| Borrowings | $ 220,000 | ||||
| Standby Letters of Credit [Member] | 2026 Amended Credit Agreement [Member] | Subsequent Event [Member] | |||||
| Subsequent Event [Line Items] | |||||
| Sub-limit for letter of credit | $ 5,000 | ||||
| Standby Letters of Credit [Member] | 2023 Credit Agreement [Member] | |||||
| Subsequent Event [Line Items] | |||||
| Sub-limit for letter of credit | $ 5,000 |