The Financial Industry Regulatory Authority released its 2026 Industry Snapshot covering 2025 data for the U.S. brokerage industry. The report shows registered representatives increased while trading activity surged, but growth concentrated in large firms. Market activity shifted toward retail investors, off-exchange venues, fractional shares and extended-hours trading. FINRA's annual overview covers registered representatives, firm finances, trading activity, customer behavior and capital formation across the broker-dealer industry.
Registered Representatives Reached 639,723 in 2025
FINRA-registered representatives totaled 639,723 at the end of 2025, compared with 634,498 in 2024 and 612,392 in 2021. The figure represents an increase of more than 27,000 representatives over four years.
During 2025, 46,795 individuals entered FINRA membership while 41,570 left. This marked the fourth consecutive year in which entrants exceeded departures.
| Year | Registered Representatives |
|------|---------------------------|
| 2021 | 612,392 |
| 2022 | 620,847 |
| 2023 | 628,351 |
| 2024 | 634,498 |
| 2025 | 639,723 |
Large Firms Controlled 83.7% of Representative Registrations
Large firms, defined as those with at least 500 registered representatives, accounted for 83.7% of all representative registrations in 2025. In 2021, their share stood at 81.5%.
Large firms employed 540,984 registered representatives in 2025. Small firms employed 60,329.
| Firm Size | 2021 Share | 2025 Share |
|-----------|------------|------------|
| Large | 81.5% | 83.7% |
| Mid-Size | 8.1% | 8.0% |
| Small | 10.4% | 9.2% |
The average number of representatives per firm rose from 182 in 2021 to 203 in 2025. The median increased from 11 to 12.
Dual Registrants Exceeded Broker-Dealer-Only Representatives
Dual broker-dealer and investment adviser representatives numbered 331,802 compared with 307,921 broker-dealer-only representatives, according to FINRA.
| Registration Type | Individuals |
|-------------------|-------------|
| Broker-Dealer Only | 307,921 |
| Dual Registration | 331,802 |
| Investment Adviser Only | 94,562 |
| Total Securities Industry Registrants | 734,285 |
Off-Exchange Trading Reached 50.6% of NMS Volume
Off-exchange trading venues accounted for 50.6% of National Market System share volume during 2025, according to FINRA. That figure stood at 43.7% in 2021.
| Year | OTC Share of NMS Volume |
|------|------------------------|
| 2021 | 43.7% |
| 2022 | 42.0% |
| 2023 | 44.0% |
| 2024 | 47.0% |
| 2025 | 50.6% |
NMS equity share volume surged to 4.4 trillion shares in 2025 from approximately 3.06 trillion shares in 2024.
Retail Investors Generated 79% of Equity Orders
FINRA found that individual investors generated 79% of all NMS equity orders during 2025.
Fractional-share orders represented 29% of all executed individual equity orders in 2025.
FINRA Dedicated Multiple Sections to Extended-Hours Trading
FINRA dedicated multiple sections of the report to pre-market, post-market, overnight and non-business-day trading activity. The regulator published separate analyses of trading by session, overnight activity and activity outside traditional market hours.
FINRA Report Highlights Scale as Competitive Advantage
The report shows the brokerage industry employed more registered representatives in 2025 than in 2021. Large firms account for more than four-fifths of representative registrations. More trading takes place off exchange. More investors use fractional shares. More activity occurs outside traditional market hours. More professionals operate across both brokerage and advisory models.
FAQ
How many registered representatives did FINRA report for 2025?
FINRA reported 639,723 registered representatives at the end of 2025, an increase from 634,498 in 2024 and 612,392 in 2021.
What percentage of NMS equity volume traded off-exchange in 2025?
Off-exchange trading venues accounted for 50.6% of National Market System share volume during 2025, according to FINRA's 2026 Industry Snapshot.
What percentage of equity orders came from retail investors in 2025?
FINRA found that individual investors generated 79% of all NMS equity orders during 2025, while fractional-share orders represented 29% of all executed individual equity orders.
