Jane Street generated nearly $40bn in net trading revenue last year, widening its lead over rival market makers and several major Wall Street banks, according to a report by Reuters citing unnamed people familiar with the matter.
The high-frequency trading firm posted $39.6bn in net trading revenue, a record level that places it comfortably ahead of competitors including Citadel Securities and Hudson River Trading, and above major investment banking trading desks including JPMorgan, the sources said.
Citadel Securities recorded around $12.2bn in trading revenue in 2025, while Hudson River Trading generated approximately $12.3bn over the same period, according to the same sources.
The results underscore Jane Street’s dominant position in global market making, with firms benefiting from elevated volatility and increased trading activity across asset classes during the year.
Jane Street reportedly declined to comment.
The firm, which employs about 3,500 people, provides liquidity across equities, exchange-traded funds, bonds, options, commodities and currencies on trading venues worldwide. Its also runs a hedge-fund-like operation allowing it to take positions across markets and hold them for extended periods when conditions are favourable.
Alongside its core trading business, Jane Street also benefited from gains tied to stakes in private companies, including artificial intelligence group Anthropic, reflecting its broader investment activity in private markets.
The firm operates without external capital, a structure that enables it to deploy significant balance sheet capacity in market-making activities and to retain positions through periods of volatility.
The strong performance comes amid a broader upswing in trading revenues across Wall Street. Major banks have also reported gains, with JPMorgan Chase generating $35.8bn in trading revenue last year, while Goldman Sachs, Wells Fargo and Citigroup also saw improvements in trading performance in recent quarters.
