Jane Street generated a record $39.6 billion in net trading revenue in the most recent fiscal year, putting the market maker well ahead of its algorithmic trading peers and several major banks. Documents reviewed and people familiar with the figures showed the firm’s trading operation outpaced rivals that include Citadel Securities and Hudson River Trading.
The performance cements Jane Street’s spot at the top of the market-making hierarchy, with the firm leveraging increased market volatility last year to drive elevated profits. Competitors posted materially lower trading revenues: Citadel Securities recorded roughly $12.2 billion in trading revenue in 2025, an increase of about 25% from the prior year according to sources, while Hudson River Trading reported about $12.3 billion for the year.
Jane Street, which employs approximately 3,500 people, provides liquidity across a wide swath of financial instruments. The firm buys and sells exchange-traded funds, equities, bonds, options, commodities and currencies on trading venues around the world, acting as a principal counterparty in many market-making transactions.
Beyond its core market-making activities, Jane Street’s results were also supported by a rise in the reported valuations of its stakes in several highly valued private companies. One of the investments cited was an AI-focused lab, which contributed to the firm’s broader profitability through higher valuations of its private holdings. The firm’s capital markets unit invests across the lifecycle of private companies from seed stage through initial public offerings and additionally operates a hedge-fund-like arm that holds positions across weeks and months to provide longer-duration liquidity.
Structurally, Jane Street has not taken on outside capital. That ownership arrangement enables the firm to deploy larger exposures when acting as a liquidity provider and to retain such positions through periods when those risks generate returns.
Large Wall Street banks also posted strong trading results over recent quarters, a trend linked to periods of market volatility when trading desks and algorithmic trading firms can realize outsized profits as investors rebalance and hedge portfolios. JPMorgan Chase generated $35.8 billion in trading revenue last year. Other big banks, including Goldman Sachs, Wells Fargo and Citigroup, likewise reported jumps in first-quarter trading revenue.
The divergence in trading results underscores a broader reallocation of trading dollars toward firms that combine deep market access with flexible capital deployment and private-asset exposure. While Jane Street’s $39.6 billion figure places it clearly ahead of its nearest high-speed trading rivals, the confidential nature of these performance metrics means precise comparisons rely on selective disclosures and source-conveyed data.
Bottom line: Jane Street reported a record annual net trading revenue of $39.6 billion, well ahead of Citadel Securities and Hudson River Trading at roughly $12 billion each, with gains complemented by private stake valuation increases and a capital structure that permits sustained liquidity provision.