# Brokers, exchanges, and market infrastructure peer review

Descriptive comparison assembled from public SEC filings and verified companyfacts.

**Descriptive comparison -- not investment advice.** This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better.

## Companies

[SNEX](/company/SNEX/), [MS](/company/MS/), [GS](/company/GS/), [BLK](/company/BLK/), [SCHW](/company/SCHW/), [LPLA](/company/LPLA/), [RJF](/company/RJF/), [ICE](/company/ICE/), [JEF](/company/JEF/), [NDAQ](/company/NDAQ/), [CME](/company/CME/), [SF](/company/SF/)

## Governing statutes (not legal advice)

**Descriptive law cross-reference -- not legal advice.** grepcent publishes a curated industry-to-statute association only. This is not legal advice. It does not interpret statutes, assess company conduct, or mirror statute text. Deep links go to neochart.

Statutes grepcent curates as governing this industry, deep-linked to neochart's official text. Case-citation counts are shown as an importance signal, not the selection criterion. Not legal advice. Citing cases are shown as a case-citation in-degree importance signal, not an endorsement.

- [15 U.S.C. § 78j](https://www.neochart.com/catalog/federal/title_15/section_78j/title15_sec78j_0d32bcdde2f4/78j_manipulative_and_deceptive_devices_0001/index.html): § 78j. Manipulative and deceptive devices (case-citation count not supplied; source neochart)
- [15 U.S.C. § 78o](https://www.neochart.com/catalog/federal/title_15/section_78o/title15_sec78o_d40f3be12b34/78o_registration_and_regulation_of_brokers_and_dealers_0001/index.html): § 78o. Registration and regulation of brokers and dealers (case-citation count not supplied; source neochart)
- [15 U.S.C. § 78f](https://www.neochart.com/catalog/federal/title_15/section_78f/title15_sec78f_fa59df92c983/78f_national_securities_exchanges_0001/index.html): § 78f. National securities exchanges (case-citation count not supplied; source neochart)

## Methodology

The cluster is selected mechanically from public SEC SIC 6200 and 6211 companies already present in grepcent's processed universe, sorted by latest reported revenue. It includes broker-dealers, exchanges, electronic brokers, and market-infrastructure firms because those are adjacent SEC SIC pools. The review publishes no proprietary index-membership labels.

Pack hash: `c75afa165d050578c20eb30609784f7c93fe374ca97f9033760e298c331bbe15`. Generated: 2026-07-21.

## Verified Quantitative Matrix

| Metric | SNEX | MS | GS | BLK | SCHW | LPLA | RJF | ICE | JEF | NDAQ | CME | SF | Comparability |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 132,378,200,000; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_SNEX_REVENUE_FY2025; concept us-gaap:Revenues | 70,645,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MS_REVENUE_FY2025; concept us-gaap:RevenuesNetOfInterestExpense | 58,283,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GS_REVENUE_FY2025; concept us-gaap:RevenuesNetOfInterestExpense | 24,216,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BLK_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 23,921,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SCHW_REVENUE_FY2025; concept us-gaap:Revenues | 16,989,479,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LPLA_REVENUE_FY2025; concept us-gaap:Revenues | 15,912,000,000; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_RJF_REVENUE_FY2025; concept us-gaap:Revenues | 12,640,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ICE_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 10,823,677,000; FY 2025; period end 2025-11-30; offset -31d (offset); fact NUM_JEF_REVENUE_FY2025; concept us-gaap:Revenues | 8,262,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NDAQ_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 6,520,600,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CME_REVENUE_FY2025; concept us-gaap:Revenues | 6,347,533,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SF_REVENUE_FY2025; concept us-gaap:Revenues | period offset; reference 2025-12-31; offsets BLK 0d aligned, CME 0d aligned, GS 0d aligned, ICE 0d aligned, JEF -31d offset, LPLA 0d aligned, MS 0d aligned, NDAQ 0d aligned, RJF about 3 months before row reference (-92d) offset, SCHW 0d aligned, SF 0d aligned, SNEX about 3 months before row reference (-92d) offset; tags mixed; concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues, us-gaap:RevenuesNetOfInterestExpense; concept mapping BLK -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CME -> us-gaap:Revenues; GS -> us-gaap:RevenuesNetOfInterestExpense; ICE -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; JEF -> us-gaap:Revenues; LPLA -> us-gaap:Revenues; MS -> us-gaap:RevenuesNetOfInterestExpense; NDAQ -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; RJF -> us-gaap:Revenues; SCHW -> us-gaap:Revenues; SF -> us-gaap:Revenues; SNEX -> us-gaap:Revenues |
| Net margin | 0.23%; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_SNEX_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 23.87%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MS_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenuesNetOfInterestExpense | 29.47%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GS_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenuesNetOfInterestExpense | 22.93%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BLK_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 37.01%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SCHW_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 5.08%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LPLA_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 13.42%; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_RJF_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 26.23%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ICE_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 6.30%; FY 2025; period end 2025-11-30; offset -31d (offset); fact NUM_JEF_NET_MARGIN_FY2025; concept us-gaap:ProfitLoss; us-gaap:Revenues | 21.64%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NDAQ_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 62.45%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CME_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 10.77%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SF_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | period offset; reference 2025-12-31; offsets BLK 0d aligned, CME 0d aligned, GS 0d aligned, ICE 0d aligned, JEF -31d offset, LPLA 0d aligned, MS 0d aligned, NDAQ 0d aligned, RJF about 3 months before row reference (-92d) offset, SCHW 0d aligned, SF 0d aligned, SNEX about 3 months before row reference (-92d) offset; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:ProfitLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues, us-gaap:RevenuesNetOfInterestExpense; concept mapping BLK -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CME -> us-gaap:NetIncomeLoss + us-gaap:Revenues; GS -> us-gaap:NetIncomeLoss + us-gaap:RevenuesNetOfInterestExpense; ICE -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; JEF -> us-gaap:ProfitLoss + us-gaap:Revenues; LPLA -> us-gaap:NetIncomeLoss + us-gaap:Revenues; MS -> us-gaap:NetIncomeLoss + us-gaap:RevenuesNetOfInterestExpense; NDAQ -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; RJF -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SCHW -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SF -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SNEX -> us-gaap:NetIncomeLoss + us-gaap:Revenues |
| Operating margin | -0.06%; FY 2024; period end 2024-09-30; offset different fiscal year (457 days before row reference) (offset); fact NUM_SNEX_OPERATING_MARGIN_FY2024; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | Not available | Not available | 29.09%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BLK_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | Not available | Not available | Not available | 39.00%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ICE_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | Not available | 28.21%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NDAQ_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 64.86%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CME_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 15.60%; FY 2024; period end 2024-12-31; offset different fiscal year (365 days before row reference) (offset); fact NUM_SF_OPERATING_MARGIN_FY2024; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | period offset; reference 2025-12-31; offsets BLK 0d aligned, CME 0d aligned, ICE 0d aligned, NDAQ 0d aligned, SF different fiscal year (365 days before row reference) offset, SNEX different fiscal year (457 days before row reference) offset; tags mixed; concepts us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping BLK -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CME -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; ICE -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; NDAQ -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; SF -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; SNEX -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues |
| Free cash flow | 4,322,900,000; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_SNEX_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Not available | -47,218,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GS_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 3,552,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BLK_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 8,763,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SCHW_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | -981,780,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LPLA_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 2,246,000,000; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_RJF_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 4,289,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ICE_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | -1,702,610,000; FY 2025; period end 2025-11-30; offset -31d (offset); fact NUM_JEF_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 1,989,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NDAQ_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 4,193,600,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CME_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 1,054,941,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SF_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | period offset; reference 2025-12-31; offsets BLK 0d aligned, CME 0d aligned, GS 0d aligned, ICE 0d aligned, JEF -31d offset, LPLA 0d aligned, NDAQ 0d aligned, RJF about 3 months before row reference (-92d) offset, SCHW 0d aligned, SF 0d aligned, SNEX about 3 months before row reference (-92d) offset; tags mixed; concepts us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping BLK -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; CME -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; GS -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; ICE -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; JEF -> us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LPLA -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; NDAQ -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; RJF -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SCHW -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SF -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; SNEX -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Capital expenditures | 65,400,000; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_SNEX_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Not available | 2,064,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GS_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 375,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BLK_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 548,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SCHW_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 570,376,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LPLA_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 188,000,000; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_RJF_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 373,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ICE_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 207,467,000; FY 2025; period end 2025-11-30; offset -31d (offset); fact NUM_JEF_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 266,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NDAQ_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 83,500,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CME_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 62,088,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SF_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | period offset; reference 2025-12-31; offsets BLK 0d aligned, CME 0d aligned, GS 0d aligned, ICE 0d aligned, JEF -31d offset, LPLA 0d aligned, NDAQ 0d aligned, RJF about 3 months before row reference (-92d) offset, SCHW 0d aligned, SF 0d aligned, SNEX about 3 months before row reference (-92d) offset; tags mixed; concepts us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping BLK -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; CME -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; GS -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; ICE -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; JEF -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LPLA -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; NDAQ -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; RJF -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SCHW -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SF -> us-gaap:PaymentsToAcquireProductiveAssets; SNEX -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | Not available | 6,593,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MS_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 5,277,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GS_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 3,101,000,000; FY 2024; period end 2024-12-31; offset different fiscal year (365 days before row reference) (offset); fact NUM_BLK_DIVIDENDS_PAID_FY2024; concept us-gaap:PaymentsOfDividends | 2,329,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SCHW_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 94,411,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LPLA_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | Not available | 1,105,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ICE_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 374,130,000; FY 2025; period end 2025-11-30; offset -31d (offset); fact NUM_JEF_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 601,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NDAQ_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 3,933,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CME_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | Not available | period offset; reference 2025-12-31; offsets BLK different fiscal year (365 days before row reference) offset, CME 0d aligned, GS 0d aligned, ICE 0d aligned, JEF -31d offset, LPLA 0d aligned, MS 0d aligned, NDAQ 0d aligned, SCHW 0d aligned; tags mixed; concepts us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock; concept mapping BLK -> us-gaap:PaymentsOfDividends; CME -> us-gaap:PaymentsOfDividends; GS -> us-gaap:PaymentsOfDividends; ICE -> us-gaap:PaymentsOfDividendsCommonStock; JEF -> us-gaap:PaymentsOfDividendsCommonStock; LPLA -> us-gaap:PaymentsOfDividends; MS -> us-gaap:PaymentsOfDividends; NDAQ -> us-gaap:PaymentsOfDividends; SCHW -> us-gaap:PaymentsOfDividends |
| Share buybacks | Not available | Not available | 12,360,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GS_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 1,930,000,000; FY 2024; period end 2024-12-31; offset different fiscal year (365 days before row reference) (offset); fact NUM_BLK_SHARE_BUYBACKS_FY2024; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 7,346,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SCHW_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 100,004,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LPLA_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | Not available | 1,294,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ICE_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 58,515,000; FY 2025; period end 2025-11-30; offset -31d (offset); fact NUM_JEF_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 616,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NDAQ_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | Not available | 244,991,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SF_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | period offset; reference 2025-12-31; offsets BLK different fiscal year (365 days before row reference) offset, GS 0d aligned, ICE 0d aligned, JEF -31d offset, LPLA 0d aligned, NDAQ 0d aligned, SCHW 0d aligned, SF 0d aligned; tags clean |
| Assets | 45,268,000,000; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_SNEX_ASSETS_FY2025; concept us-gaap:Assets | 1,420,270,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MS_ASSETS_FY2025; concept us-gaap:Assets | 1,809,320,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GS_ASSETS_FY2025; concept us-gaap:Assets | 169,998,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BLK_ASSETS_FY2025; concept us-gaap:Assets | 490,995,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SCHW_ASSETS_FY2025; concept us-gaap:Assets | 18,492,753,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LPLA_ASSETS_FY2025; concept us-gaap:Assets | 88,230,000,000; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_RJF_ASSETS_FY2025; concept us-gaap:Assets | 136,887,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ICE_ASSETS_FY2025; concept us-gaap:Assets | 76,012,347,000; FY 2025; period end 2025-11-30; offset -31d (offset); fact NUM_JEF_ASSETS_FY2025; concept us-gaap:Assets | 31,053,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NDAQ_ASSETS_FY2025; concept us-gaap:Assets | 198,424,200,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CME_ASSETS_FY2025; concept us-gaap:Assets | 41,270,782,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SF_ASSETS_FY2025; concept us-gaap:Assets | period offset; reference 2025-12-31; offsets BLK 0d aligned, CME 0d aligned, GS 0d aligned, ICE 0d aligned, JEF -31d offset, LPLA 0d aligned, MS 0d aligned, NDAQ 0d aligned, RJF about 3 months before row reference (-92d) offset, SCHW 0d aligned, SF 0d aligned, SNEX about 3 months before row reference (-92d) offset; tags clean |
| Liabilities / equity | 18.04; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_SNEX_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 11.71; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MS_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 13.48; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GS_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 1.94; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BLK_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 8.93; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SCHW_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 2.46; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LPLA_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 6.06; FY 2025; period end 2025-09-30; offset about 3 months before row reference (-92d) (offset); fact NUM_RJF_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 3.73; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ICE_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 6.18; FY 2025; period end 2025-11-30; offset -31d (offset); fact NUM_JEF_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 1.54; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NDAQ_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 5.91; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CME_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 5.90; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SF_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | period offset; reference 2025-12-31; offsets BLK 0d aligned, CME 0d aligned, GS 0d aligned, ICE 0d aligned, JEF -31d offset, LPLA 0d aligned, MS 0d aligned, NDAQ 0d aligned, RJF about 3 months before row reference (-92d) offset, SCHW 0d aligned, SF 0d aligned, SNEX about 3 months before row reference (-92d) offset; tags mixed; concepts us-gaap:Liabilities, us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; concept mapping BLK -> us-gaap:Liabilities + us-gaap:StockholdersEquity; CME -> us-gaap:Liabilities + us-gaap:StockholdersEquity; GS -> us-gaap:Liabilities + us-gaap:StockholdersEquity; ICE -> us-gaap:Liabilities + us-gaap:StockholdersEquity; JEF -> us-gaap:Liabilities + us-gaap:StockholdersEquity; LPLA -> us-gaap:Liabilities + us-gaap:StockholdersEquity; MS -> us-gaap:Liabilities + us-gaap:StockholdersEquity; NDAQ -> us-gaap:Liabilities + us-gaap:StockholdersEquity; RJF -> us-gaap:Liabilities + us-gaap:StockholdersEquity; SCHW -> us-gaap:Liabilities + us-gaap:StockholdersEquity; SF -> us-gaap:Liabilities + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; SNEX -> us-gaap:Liabilities + us-gaap:StockholdersEquity |

## Code-computed comparisons

- Reported net margin range: Cross-company range not shown: fiscal period-ends span more than 14 days (JEF ends 2025-11-30; row reference 2025-12-31); artifact-time exclusions: RJF: period not aligned (2025-Q3 vs 2025-Q4); SNEX: period not aligned (2025-Q3 vs 2025-Q4). Computed from frozen review facts; no adjusted or interpolated values.
- Latest reported revenue range: Cross-company range not shown: fiscal period-ends span more than 14 days (JEF ends 2025-11-30; row reference 2025-12-31); artifact-time exclusions: RJF: period not aligned (2025-Q3 vs 2025-Q4); SNEX: period not aligned (2025-Q3 vs 2025-Q4). Computed from frozen review facts; no adjusted or interpolated values.

Market-risk companion: [/compare/brokers-exchanges/risk/](/compare/brokers-exchanges/risk/).

## Gate summary

Facts: 93. Claims survived: 0. Claims dropped: 0. Cells quarantined: 72.