Total cost of revenues
Breakdown
Segments
Liquidity paymentsView metric
Routing and clearingView metric
Regulatory fees cost of revenuesView metric
Royalty fees and other cost of revenuesView metric
| Segment | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Liquidity payments | $307M | $317.6M | $365.7M | $394.8M | $418M | $453.3M | $443.6M | $446.1M |
| Royalty fees and other cost of revenues | $58.9M | $59.2M | $57M | $62.3M | $62.2M | $62.9M | $68.9M | $77.8M |
| Routing and clearing | $16.6M | $17.4M | $18.3M | $19.6M | $20.7M | $20M | $20.1M | $20M |
| Regulatory fees cost of revenues | — | — | — | — | — | — | — | $0 |
| Total | $460.2M | $523.7M | $583.1M | $629.8M | $586.2M | $536.2M | $532.9M | $543.9M |