Retail

Specialty Distribution

Twelve months ended December 31,

Twelve months ended December 31,

(in millions)

2020

2021

2022

2023

2024

2020

2021

2022

2023

2024

REVENUES

Commissions and fees

$

1,549

$

1,840

$

2,154

$

2,503

$

2,720

$

1,059

$

1,210

$

1,410

$

1,699

$

1,985

Investment and other income

1

1

3

5

9

2

1

1

15

31

Total revenues

1,550

1,841

2,157

2,508

2,729

1,061

1,211

1,411

1,714

2,016

EXPENSES

Employee compensation and benefits

856

982

1,126

1,336

1,462

497

565

615

709

772

Other operating expenses

245

290

377

421

449

201

219

293

332

382

(Gain)/loss on disposal

(2

)

(6

)

(8

)

(3

)

(3

)

—

(4

)

4

(141

)

(28

)

Amortization

72

82

101

112

119

37

38

46

53

59

Depreciation

10

12

14

19

21

11

14

19

16

18

Interest

90

94

96

85

71

31

27

46

48

41

Change in estimated acquisition earn-out payables

6

42

(26

)

1

8

(11

)

(2

)

(13

)

20

(6

)

Total expenses

1,277

1,496

1,680

1,971

2,127

766

857

1,010

1,037

1,238

Income before income taxes

$

273

$

345

$

477

$

537

$

602

$

295

$

354

$

401

$

677

$

778

Other

Total

Twelve months ended December 31,

Twelve months ended December 31,

(in millions)

2020

2021

2022

2023

2024

2020

2021

2022

2023

2024

REVENUES

Commissions and fees

$

(2

)

$

(2

)

$

(1

)

$

(3

)

$

—

$

2,606

$

3,048

$

3,563

$

4,199

$

4,705

Investment and other income

4

1

6

38

60

7

3

10

58

100

Total revenues

2

(1

)

5

35

60

2,613

3,051

3,573

4,257

4,805

EXPENSES

Employee compensation and benefits

83

90

76

142

172

1,436

1,637

1,817

2,187

2,406

Other operating expenses

(80

)

(106

)

(73

)

(103

)

(121

)

366

403

597

650

710

(Gain)/loss on disposal

—

—

(1

)

1

—

(2

)

(10

)

(5

)

(143

)

(31

)

Amortization

—

—

—

1

—

109

120

147

166

178

Depreciation

5

7

6

5

5

26

33

39

40

44

Interest

(62

)

(56

)

(1

)

57

81

59

65

141

190

193

Change in estimated acquisition earn-out payables

—

—

—

—

—

(5

)

40

(39

)

21

2

Total expenses

(54

)

(65

)

7

103

137

1,989

2,288

2,697

3,111

3,502

Income before income taxes

$

56

$

64

$

(2

)

$

(68

)

$

(77

)

$

624

$

763

$

876

$

1,146

$

1,303

Retail

Three months ended

Twelve
months ended

Three months ended

(in millions)

March 31,
2024

June 30,
2024

September 30,
2024

December 31,
2024

December 31,
2024

March 31,
2025

June 30,
2025

REVENUES

Commissions and fees

$

803

$

644

$

639

$

634

$

2,720

$

905

$

694

Investment and other income

3

2

2

3

9

2

3

Total revenues

806

646

641

637

2,729

907

697

EXPENSES

Employee compensation and benefits

400

355

364

343

1,462

447

385

Other operating expenses

115

110

107

117

449

122

120

(Gain)/loss on disposal

1

(2

)

(1

)

(1

)

(3

)

2

—

Amortization

29

29

29

33

119

37

35

Depreciation

5

5

6

5

21

6

6

Interest

19

19

18

16

71

15

15

Change in estimated acquisition earn-out payables

(1

)

1

(2

)

9

8

(6

)

9

Total expenses

568

517

521

522

2,127

623

570

Income before income taxes

$

238

$

129

$

120

$

115

$

602

$

284

$

127

Specialty Distribution

Three months ended

Twelve
months ended

Three months ended

(in millions)

March 31,
2024

June 30,
2024

September 30,
2024

December 31,
2024

December 31,
2024

March 31,
2025

June 30,
2025

REVENUES

Commissions and fees

$

433

$

511

$

516

$

528

$

1,985

$

481

$

555

Investment and other income

7

7

8

6

31

6

8

Total revenues

440

518

524

534

2,016

487

563

EXPENSES

Employee compensation and benefits

186

193

193

199

772

199

202

Other operating expenses

82

94

95

111

382

91

98

(Gain)/loss on disposal

1

(29

)

—

—

(28

)

—

—

Amortization

14

15

16

15

59

16

15

Depreciation

5

5

5

5

18

4

4

Interest

11

10

10

9

41

9

9

Change in estimated acquisition earn-out payables

(1

)

—

(5

)

2

(6

)

2

2

Total expenses

298

288

314

341

1,238

321

330

Income before income taxes

$

142

$

230

$

210

$

193

$

778

$

166

$

233

Other

Three months ended

Twelve
months ended

Three months ended

(in millions)

March 31,
2024

June 30,
2024

September 30,
2024

December 31,
2024

December 31,
2024

March 31,
2025

June 30,
2025

REVENUES

Commissions and fees

$

1

$

(1

)

$

—

$

(1

)

$

—

$

(1

)

$

—

Investment and other income

11

15

21

14

60

11

25

Total revenues

12

14

21

13

60

10

25

EXPENSES

Employee compensation and benefits

45

37

50

40

172

37

53

Other operating expenses

(36

)

(31

)

(37

)

(16

)

(121

)

(27

)

(7

)

(Gain)/loss on disposal

—

—

—

—

—

—

—

Amortization

—

—

—

—

—

—

—

Depreciation

1

1

—

1

5

1

1

Interest

18

20

22

21

81

22

27

Change in estimated acquisition earn-out payables

—

—

(1

)

—

—

—

—

Total expenses

28

27

34

46

137

33

74

Income before income taxes

$

(16

)

$

(13

)

$

(13

)

$

(33

)

$

(77

)

$

(23

)

$

(49

)

Total

Three months ended

Twelve
months ended

Three months ended

(in millions)

March 31,
2024

June 30,
2024

September 30,
2024

December 31,
2024

December 31,
2024

March 31,
2025

June 30,
2025

REVENUES

Commissions and fees

$

1,237

$

1,154

$

1,155

$

1,161

$

4,705

$

1,385

$

1,249

Investment and other income

21

24

31

23

100

19

36

Total revenues

1,258

1,178

1,186

1,184

4,805

1,404

1,285

EXPENSES

Employee compensation and benefits

631

585

607

582

2,406

683

640

Other operating expenses

161

173

165

212

710

186

211

(Gain)/loss on disposal

2

(31

)

(1

)

(1

)

(31

)

2

—

Amortization

43

44

45

48

178

53

50

Depreciation

11

11

11

11

44

11

11

Interest

48

49

50

46

193

46

51

Change in estimated acquisition earn-out payables

(2

)

1

(8

)

11

2

(4

)

11

Total expenses

894

832

869

909

3,502

977

974

Income before income taxes

$

364

$

346

$

317

$

275

$

1,303

$

427

$

311