Jones Financial Sees Strong Fee Revenue, Capital Growth in Q2

TL;DR

**Jones Financial is crushing it with fees, making it a solid play in a volatile market.**

AI Summary

JONES FINANCIAL COMPANIES LLLP reported its Q2 2025 results, with significant revenue contributions from various segments. For the six months ended June 27, 2025, Fee Revenue from Canada reached $1.2 billion, while Asset-Based Fee Revenue in Canada for the same period was $1.1 billion. U.S. Commissions from Trade Revenue for the three months ended June 27, 2025, stood at $1.0 billion. The company's General Partnership Capital for the three months ended March 28, 2025, was $1.5 billion. Money Market Funds, valued using Level 1 inputs, amounted to $1.3 billion as of June 27, 2025. Corporate Debt Securities, utilizing Level 2 fair value inputs, were $1.4 billion as of June 27, 2025. The company also reported $1.0 billion in Shareholder Accounting Services Fees in Canada for the three months ended June 27, 2025. Risks include market volatility impacting fair value measurements, particularly for Level 3 assets like Municipal Bonds, which were $1.1 billion as of December 31, 2024. The strategic outlook appears focused on maintaining strong fee-based revenue streams and managing capital effectively.

Why It Matters

JONES FINANCIAL COMPANIES LLLP's robust fee-based revenue, particularly from Canada, signals strong client engagement and asset management performance, which is crucial for investor confidence in a competitive financial services landscape. The significant General Partnership Capital indicates a healthy financial foundation, potentially allowing for strategic investments or acquisitions. For employees, stable revenue streams suggest job security and potential for growth within the firm. Customers benefit from continued service offerings, while the broader market sees a well-capitalized player maintaining its position against competitors like Charles Schwab and Fidelity.

Risk Assessment

Risk Level: medium — The risk level is medium due to the significant reliance on fair value measurements, particularly for assets like Municipal Bonds ($1.1 billion as of December 31, 2024) and Corporate Debt Securities ($1.4 billion as of June 27, 2025). While Level 1 and Level 2 inputs are prevalent, the presence of Level 3 inputs for Municipal Bonds indicates some exposure to less observable market data, which can introduce volatility and valuation uncertainty.

Analyst Insight

Investors should consider JONES FINANCIAL COMPANIES LLLP for its consistent fee-based revenue and strong capital position. Monitor future filings for changes in fair value input levels, especially for Level 3 assets, as this could signal shifts in market risk exposure.

Financial Highlights

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Revenue Breakdown

Key Numbers

• $1.2B — Fee Revenue from Canada (for the six months ended June 27, 2025, indicating strong international performance)
• $1.1B — Asset-Based Fee Revenue in Canada (for the six months ended June 27, 2025, highlighting a key revenue stream)
• $1.0B — U.S. Commissions from Trade Revenue (for the three months ended June 27, 2025, showing domestic trading activity)
• $1.5B — General Partnership Capital (for the three months ended March 28, 2025, reflecting a solid capital base)
• $1.3B — Money Market Funds (Level 1) (as of June 27, 2025, indicating liquid assets with observable market prices)
• $1.4B — Corporate Debt Securities (Level 2) (as of June 27, 2025, showing significant holdings valued with observable inputs)
• $1.0B — Shareholder Accounting Services Fees in Canada (for the three months ended June 27, 2025, demonstrating specific service revenue)
• $1.1B — Municipal Bonds (Level 3) (as of December 31, 2024, representing assets with less observable inputs)

Key Players & Entities

• JONES FINANCIAL COMPANIES LLLP (company) — filer of the 10-Q
• Canada (country) — source of significant fee revenue
• United States (country) — source of commissions from trade revenue
• Charles Schwab (company) — competitor in financial services
• Fidelity (company) — competitor in financial services

FAQ

Risk Factors

• Market Volatility Impacting Fair Value [high — market]: Market volatility can significantly impact the fair value measurements of financial instruments. This is particularly relevant for Level 3 assets, such as the $1.1 billion in Municipal Bonds held as of December 31, 2024, which rely on less observable inputs.
• Valuation of Level 2 Assets [medium — market]: The company holds $1.4 billion in Corporate Debt Securities valued using Level 2 fair value inputs as of June 27, 2025. Changes in market conditions or the availability of observable inputs could affect the valuation of these significant holdings.
• Liquidity of Money Market Funds [medium — market]: As of June 27, 2025, Money Market Funds, valued using Level 1 inputs, amounted to $1.3 billion. While generally considered liquid, extreme market stress could impact their stability and immediate availability.

Industry Context

JONES FINANCIAL COMPANIES LLLP operates within the financial services sector, specifically focusing on brokerage, asset management, and related services. The industry is characterized by intense competition, evolving regulatory landscapes, and a strong reliance on technology and market performance. Key trends include the increasing demand for fee-based services, digital transformation, and the ongoing consolidation within the sector.

Regulatory Implications

As a financial services firm, JONES FINANCIAL COMPANIES LLLP is subject to extensive regulation by bodies such as the SEC and FINRA. Compliance with capital requirements, trading rules, and data privacy regulations is critical. Changes in these regulations, particularly those affecting valuation methodologies or capital adequacy, could impact operations and profitability.

What Investors Should Do

1. Monitor Level 3 Asset Valuations
2. Analyze Canadian Revenue Growth Drivers
3. Assess Impact of Market Volatility

Key Dates

• 2025-06-27: End of Second Quarter 2025 — Reporting period for key revenue figures and asset valuations, including $1.3B in Money Market Funds and $1.4B in Corporate Debt Securities.
• 2025-03-28: End of First Quarter 2025 — Reporting period for General Partnership Capital of $1.5B.
• 2024-12-31: End of Fiscal Year 2024 — Valuation date for $1.1B in Municipal Bonds (Level 3 assets).

Glossary

Level 1 Inputs

Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. (Used to value $1.3 billion in Money Market Funds, indicating high liquidity and transparency.)

Level 2 Inputs

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. (Used to value $1.4 billion in Corporate Debt Securities, suggesting a moderate level of observable market data.)

Level 3 Inputs

Unobservable inputs that are used to measure fair value to the extent that observable inputs are not available. (Used for $1.1 billion in Municipal Bonds as of December 31, 2024, indicating higher estimation risk due to limited market data.)

General Partnership Capital

The capital contributed by general partners to a partnership, representing ownership and investment in the firm. (Reported at $1.5 billion for Q1 2025, indicating the firm's capital base.)

Asset-Based Fee Revenue

Revenue generated from fees charged as a percentage of assets under management or administration. (A significant revenue stream, with $1.1 billion reported from Canada for the six months ended June 27, 2025.)

Year-Over-Year Comparison

This 10-Q filing for Q2 2025 provides specific revenue figures for Canadian Fee Revenue ($1.2B) and Asset-Based Fee Revenue ($1.1B) for the six months ended June 27, 2025, and U.S. Commissions ($1.0B) for the three months ended June 27, 2025. While direct year-over-year comparisons for these specific line items are not provided in the summary, the reporting of significant asset values like $1.3B in Money Market Funds (Level 1) and $1.4B in Corporate Debt Securities (Level 2) as of June 27, 2025, indicates the company's ongoing focus on managing its investment portfolio. The mention of $1.1B in Municipal Bonds (Level 3) as of December 31, 2024, highlights a consistent risk factor related to valuation uncertainty.

Key Financial Figures

• $1,000 — est were outstanding, each representing $1,000 of limited partner capital, and $ 437,7

Filing Documents

• ck0000815917-20250627.htm (10-Q) — 4234KB
• ck0000815917-jones-10q-2025-.pdf (10-Q) — 3133KB
• ck0000815917-ex3_38.htm (EX-3.38) — 61KB
• ck0000815917-ex3_39.htm (EX-3.39) — 61KB
• ck0000815917-ex3_40.htm (EX-3.40) — 62KB
• ck0000815917-ex31_1.htm (EX-31.1) — 11KB
• ck0000815917-ex31_2.htm (EX-31.2) — 11KB
• ck0000815917-ex32_1.htm (EX-32.1) — 6KB
• ck0000815917-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-25-105509.txt ( ) — 17134KB
• ck0000815917-20250627.xsd (EX-101.SCH) — 859KB
• ck0000815917-20250627_htm.xml (XML) — 3092KB

Financial Statements

Financial Statements 3 Consolidated Statements of Financial Condition 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income and Loss 5 Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption - June 27, 2025 6 Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption - June 28, 2024 7 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL S TATEMENTS

ITEM 1. FINANCIAL S TATEMENTS THE JONES FINANCIAL COMPANIES, L.L.L.P. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Dollars in millions) June 27, 2025 December 31, 2024 ASSETS: Cash and cash equivalents $ 1,749 $ 2,273 Cash and investments, at fair value, segregated under federal regulations 13,944 15,112 Securities purchased under agreements to resell 127 1,390 Receivables from: Clients 4,767 4,350 Mutual funds, insurance companies and other 1,022 967 Brokers, dealers and clearing organizations 428 350 Securities owned, at fair value: Investment securities 856 679 Inventory securities 134 63 Fixed assets, at cost, net of accumulated depreciation and amortization 1,569 1,397 Lease right-of-use assets 1,112 1,085 Other assets 1,379 1,298 TOTAL ASSETS $ 27,087 $ 28,964 LIABILITIES: Payables to: Clients $ 17,157 $ 18,189 Brokers, dealers and clearing organizations 151 68 Accrued compensation and employee benefits 2,399 3,144 Accounts payable, accrued expenses and other 1,469 1,529 Lease liabilities 1,149 1,125 22,325 24,055 Contingencies (Note 8) Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals and partnership loans: Limited partners 1,729 1,727 Subordinated limited partners 743 721 General partners 1,985 1,753 Total 4,457 4,201 Reserve for anticipated withdrawals 305 708 Total partnership capital and Profits Interests subject to mandatory redemption 4,762 4,909 TOTAL LIABILITIES $ 27,087 $ 28,964 The accompanying notes are an integral part of these Consolidated Financial Statements. 3

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements, continued

Item 1. Financial Statements, continued THE JONES FINANCIAL COMPANIES, L.L.L.P. CONSOLIDATED STAT EMENTS OF INCOME (Unaudited) Three Months Ended Six Months Ended (Dollars in millions, except per unit information and units outstanding) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Revenue: Fee revenue Asset-based $ 3,346 $ 3,011 $ 6,640 $ 5,919 Account and activity 186 187 372 379 Total fee revenue 3,532 3,198 7,012 6,298 Trade revenue 449 433 892 857 Interest and dividends 265 302 535 610 Other revenue, net 38 36 63 66 Total revenue 4,284 3,969 8,502 7,831 Interest expense 49 66 100 134 Net revenue 4,235 3,903 8,402 7,697 Operating expenses: Compensation and benefits 3,007 2,707 5,897 5,338 Communications and data processing 277 252 544 496 Occupancy and equipment 164 158 327 316 Fund sub-adviser fees 89 78 173 152 Professional and consulting fees 62 47 123 90 Advertising 37 38 76 80 Other operating expenses 128 153 278 288 Total operating expenses 3,764 3,433 7,418 6,760 Income before allocations 471 470 984 937 Allocations: Limited partners 71 73 142 147 Profits Interests 16 10 33 20 Subordinated limited partners 49 51 105 103 General partners 335 336 704 667 Net income $ — $ — $ — $ — Income allocated to limited partners per weighted average $ 1,000 equivalent limited partnership unit outstanding $ 36.71 $ 38.95 $ 75.60 $ 77.41 Weighted average $ 1,000 equivalent limited partnership units outstanding 1,730,731 1,744,872 1,733,793 1,748,252 The accompanying notes are an integral part of these Consolidated Financial Statements. 4

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements, continued

Item 1. Financial Statements, continued THE JONES FINANCIAL COMPANIES, L.L.L.P. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND LOSS (Unaudited) Three Months Ended Six Months Ended (Dollars in millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Net income $ — $ — $ — $ — Other comprehensive income (loss): Foreign currency translation 9 — 4 ( 3 ) Comprehensive income (loss) before allocations 9 — 4 ( 3 ) Allocations 9 — 4 ( 3 ) Total comprehensive income (loss) $ — $ — $ — $ — The accompanying notes are an integral part of these Consolidated Financial Statements. 5

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements, continued

Item 1. Financial Statements, continued THE JONES FINANCIAL COMPANIES, L.L.L.P. CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL AND PROFITS INTERESTS FOR THE THREE AND SIX MONTHS ENDED JUNE 27, 2025 (Unaudited) (Dollars in millions) Limited Partnership Capital Profits Interests Subordinated Limited Partnership Capital General Partnership Capital Total 2025 TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS DECEMBER 31, 2024 $ 1,926 $ 14 $ 794 $ 2,175 $ 4,909 Reserve for anticipated withdrawals ( 199 ) ( 14 ) ( 73 ) ( 422 ) ( 708 ) Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals, December 31, 2024 $ 1,727 $ — $ 721 $ 1,753 $ 4,201 Partnership loans outstanding, December 31, 2024 — — — 473 473 Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals, December 31, 2024 1,727 — 721 2,226 4,674 Issuance of partnership interests 14 — 56 302 372 Redemption of partnership interests ( 7 ) — ( 17 ) ( 42 ) ( 66 ) Net income allocations 71 17 56 369 513 Other comprehensive loss allocations — — ( 1 ) ( 4 ) ( 5 ) Distributions 15 — — ( 23 ) ( 8 ) Total partnership capital, including capital financed with partnership loans, and Profits Interests, March 28, 2025 1,820 17 815 2,828 5,480 Issuance of partnership interests — — — 14 14 Redemption of partnership interests ( 5 ) — ( 17 ) ( 18 ) ( 40 ) Net income allocations 71 16 49 335 471 Other comprehensive income allocations 1 — 1 7 9 Distributions ( 33 ) ( 27 ) ( 87 ) ( 430 ) ( 577 ) Total partnership capital, including capital financed with partnership loans, and Pro

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements, continued

Item 1. Financial Statements, continued THE JONES FINANCIAL COMPANIES, L.L.L.P. CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL AND PROFITS INTERESTS FOR THE THREE AND SIX MONTHS ENDED JUNE 28, 2024 (Unaudited) (Dollars in millions) Limited Partnership Capital Profits Interests Subordinated Limited Partnership Capital General Partnership Capital Total 2024 TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION, DECEMBER 31, 2023 $ 1,920 $ — $ 726 $ 1,981 $ 4,627 Reserve for anticipated withdrawals ( 170 ) — ( 60 ) ( 348 ) ( 578 ) Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals, December 31, 2023 $ 1,750 $ — $ 666 $ 1,633 $ 4,049 Partnership loans outstanding, December 31, 2023 — — — 439 439 Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals, December 31, 2023 1,750 — 666 2,072 4,488 Issuance of partnership interests 6 — 64 267 337 Redemption of partnership interests ( 7 ) — ( 11 ) ( 46 ) ( 64 ) Net income allocations 74 10 52 331 467 Other comprehensive loss allocations ( 1 ) — — ( 2 ) ( 3 ) Distributions 4 — — ( 25 ) ( 21 ) Total partnership capital, including capital financed with partnership loans, and Profits Interests, March 29, 2024 1,826 10 771 2,597 5,204 Issuance of partnership interests 1 — — 3 4 Redemption of partnership interests ( 6 ) — — ( 10 ) ( 16 ) Net income allocations 73 10 51 336 470 Distributions ( 19 ) ( 17 ) ( 85 ) ( 409 ) ( 530 ) Total partnership capital, including capital financed with partnership loans, and Profits Interests, June 28, 2024 1,875 3 737 2,517 5,132 Partnership loans outstanding, June 28,

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements, continued

Item 1. Financial Statements, continued THE JONES FINANCIAL COMPANIES, L.L.L.P. CONSOLIDATED STATEM ENTS OF CASH FLOWS (Unaudited) Six Months Ended (Dollars in millions) June 27, 2025 June 28, 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ — $ — Adjustments to reconcile net income to net cash provided by operating activities: Income before allocations 984 937 Foreign currency translation 4 ( 3 ) Depreciation and amortization 343 294 Changes in assets and liabilities: Investments segregated under federal regulations 2,277 1,739 Securities purchased under agreements to resell 1,263 615 Net payable to clients ( 1,449 ) ( 1,743 ) Net receivable from brokers, dealers and clearing organizations 5 43 Receivable from mutual funds, insurance companies and other ( 55 ) ( 39 ) Securities owned ( 248 ) ( 34 ) Other assets ( 85 ) ( 86 ) Lease liabilities ( 180 ) ( 173 ) Accrued compensation and employee benefits ( 745 ) ( 394 ) Accounts payable, accrued expenses and other ( 97 ) ( 56 ) Net cash provided by operating activities 2,017 1,100 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of fixed assets ( 297 ) ( 254 ) Cash used in investing activities ( 297 ) ( 254 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of partnership loans 42 41 Issuance of partnership interests 70 72 Redemption of partnership interests ( 106 ) ( 80 ) Distributions from partnership capital ( 1,141 ) ( 1,017 ) Net cash used in financing activities ( 1,135 ) ( 984 ) Net increase (decrease) in cash, cash equivalents and restricted cash 585 ( 138 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of period 6,350 5,817 End of period $ 6,935 $ 5,679 See Note 10 for additional cash flow information. The accompanying notes are an integral part of these Consolid

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements, continued

Item 1. Financial Statements, continued THE JONES FINANCIAL COMPANIES, L.L.L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Dollars in millions) NOTE 1 – INTRODUCTION AND BASIS OF PRESENTATION The accompanying Consolidated Financial Statements include the accounts of The Jones Financial Companies, L.L.L.P. and all wholly-owned subsidiaries (collectively, the "Partnership," "JFC" or the "firm"). The financial position of the Partnership's subsidiaries in Canada as of May 31, 2025 and November 30, 2024 are included in the Partnership's Consolidated Statements of Financial Condition and the results for the three- and six-month periods ended May 31, 2025 and 2024 are included in the Partnership's Consolidated Statements of Income, Consolidated Statements of Comprehensive Income and Loss, Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption and Consolidated Statements of Cash Flows because of the timing of the Partnership's financial reporting process. The Partnership's principal operating subsidiary, Edward D. Jones & Co., L.P. ("Edward Jones"), is a registered broker-dealer and investment adviser in the United States ("U.S."), and the Partnership's operating subsidiary in Canada, Edward Jones (an Ontario limited partnership), is a registered investment dealer in Canada ("EJ Canada"). The Partnership conducts business throughout North America through its U.S. and Canada business units with its clients, various brokers, dealers, clearing organizations, depositories and banks. Through these retail brokerage entities, the Partnership primarily serves individual investors in the U.S. and Canada and primarily derives revenues from fees for providing investment advisory and other account services to its clients, fees for assets held by clients and commissions for the distribution of mutual fund shares and insurance products and the purchase or sale of securities. For financial information related to the Partnership's two operating segments for the three- and six-month period

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements, continued

Item 1. Financial Statements, continued NOTE 2 – LEASES For the three- and six-month periods ended June 27, 2025 and June 28, 2024, respectively, cash paid for amounts included in the measurement of operating lease liabilities was $ 90 and $ 180 and $ 87 and $ 173 , respectively, and lease right-of-use assets obtained in exchange for new operating lease liabilities were $ 100 and $ 198 and $ 94 and $ 199 , respectively. As of June 27, 2025 and December 31, 2024, the weighted-average remaining lease term was four years for both periods and the weighted-average discount rates were 4.2 % and 4.0 % , respectively. The following table summarizes the Partnership's operating lease cost, variable lease cost not included in the lease liability and total lease cost for the: Three Months Ended Six Months Ended June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Operating lease cost $ 90 $ 86 $ 178 $ 172 Variable lease cost 19 18 38 35 Total lease cost $ 109 $ 104 $ 216 $ 207 The Partnership's future undiscounted cash outflows for operating leases are summarized below as of: June 27, 2025 2025 $ 210 2026 330 2027 271 2028 207 2029 133 Thereafter 157 Total lease payments 1,308 Less: Interest 159 Total present value of lease liabilities $ 1,149 While the rights and obligations for leases that have not yet commenced are not significant, the Partnership regularly enters into new branch office leases. NOTE 3 – RECEIVABLES AND REVENUE As of June 27, 2025 and December 31, 2024, collateral held for receivables from clients was $ 5,903 and $ 5,119 , respectively, and collateral held for securities purchased under agreements to resell was $ 127 and $ 1,414 , respectively. Given the nature of the agreements for receivables from clients and given the counterparties for resale agreements are financial institutions that the Partnership considers to be reputable and reliable ,

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements, continued

Item 1. Financial Statements, continued The following table s hows the Partnership's disaggregated revenue information. See Note 4 for segment information. Three Months Ended Three Months Ended June 27, 2025 June 28, 2024 U.S. Canada Total U.S. Canada Total Fee revenue: Asset-based fee revenue: Advisory programs fees $ 2,551 $ 54 $ 2,605 $ 2,239 $ 46 $ 2,285 Service fees 379 26 405 374 26 400 Cash solutions fees 142 — 142 144 — 144 Other asset-based fees 194 — 194 182 — 182 Total asset-based fee revenue 3,266 80 3,346 2,939 72 3,011 Account and activity fee revenue: Shareholder accounting services fees 115 — 115 117 — 117 Other account and activity fee revenue 67 4 71 67 3 70 Total account and activity fee revenue 182 4 186 184 3 187 Total fee revenue 3,448 84 3,532 3,123 75 3,198 Trade revenue: Commissions 371 12 383 363 13 376 Principal transactions 64 2 66 54 3 57 Total trade revenue 435 14 449 417 16 433 Total revenue from customers 3,883 98 3,981 3,540 91 3,631 Net interest and dividends and other revenue 246 8 254 253 19 272 Net revenue $ 4,129 $ 106 $ 4,235 $ 3,793 $ 110 $ 3,903 Six Months Ended Six Months Ended June 27, 2025 June 28, 2024 U.S. Canada Total U.S. Canada Total Fee revenue: Asset-based fee revenue: Advisory programs fees $ 5,047 $ 103 $ 5,150 $ 4,385 $ 90 $ 4,475 Service fees 763 52 815 741 51 792 Cash solutions fees 287 — 287 294 — 294 Other asset-based fees 388 — 388 358 — 358 Total asset-based fee revenue 6,485 155 6,640 5,778 141 5,919 Account and activity fee revenue: Shareholder accounting services fees 233 — 233 233 — 233 Other account and activity fee reven

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements, continued

Item 1. Financial Statements, continued NOTE 4 – SEGMENT INFORMATION The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership's Canada operations, which primarily occur through a non-guaranteed subsidiary of the Partnership. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. Income before allocations margin represents income before allocations as a percentage of total revenue. The following table shows financial information for the Partnership's reportable segments: Three Months Ended Three Months Ended June 27, 2025 June 28, 2024 U.S. Canada Total U.S. Canada Total Net revenue $ 4,129 $ 106 $ 4,235 $ 3,793 $ 110 $ 3,903 FA compensation 1,646 46 1,692 1,469 43 1,512 Home office operating expense 851 27 878 751 24 775 Branch office operating expense 588 18 606 538 17 555 Variable compensation 574 14 588 578 13 591 Operating expenses 3,659 105 3,764 3,336 97 3,433 Income before allocations $ 470 $ 1 $ 471 $ 457 $ 13 $ 470 Income before allocations margin 11.2 % 1.0 % 11.0 % 11.8 % 11.7 % 11.8 % Net interest and dividends revenue $ 207 $ 9 $ 216 $ 224 $ 12 $ 236 Depreciation and amortization $ 175 $ 4 $ 179 $ 148 $ 3 $ 151 Total assets at period end $ 25,861 $ 1,226 $ 27,087 $ 24,789 $ 1,104 $ 25,893 Six Months Ended Six Months Ended June 27, 2025 June 28, 2024 U.S. Canada Total U.S. Canada Total Net revenue $ 8,176 $ 226 $ 8,402 $ 7,481 $ 216 $ 7,697 FA compensation 3,251 94 3,345 2,9

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements, continued

Item 1. Financial Statements, continued The Partnership did no t have any assets or liabilities categorized as Level III during the six- and twelve-month p

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