AI-assembled from public SEC filings

Brokers, exchanges, and market infrastructure peer review

Descriptive comparison assembled from public SEC filings and verified companyfacts.

Descriptive comparison — not investment advice. This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better. It is not a rating, recommendation, endorsement, forecast, or investment advice. Figures are as of their cited filing dates. See Disclaimer.

Methodology

The cluster is selected mechanically from public SEC SIC 6200 and 6211 companies already present in grepcent's processed universe, sorted by latest reported revenue. It includes broker-dealers, exchanges, electronic brokers, and market-infrastructure firms because those are adjacent SEC SIC pools. The review publishes no proprietary index-membership labels.

Pack hash: c75afa165d050578c20eb30609784f7c93fe374ca97f9033760e298c331bbe15. Generated: 2026-07-21.

Verified Quantitative Matrix

Numbers are templated from frozen SEC companyfacts-derived facts already verified by grepcent. Fiscal periods and filing dates are shown in each cell; code-computed comparisons below only use calendar-aligned periods.

Metric	SNEX	MS	GS	BLK	SCHW	LPLA	RJF	ICE	JEF	NDAQ	CME	SF
Revenue	132,378,200,000 FY 2025; period end 2025-09-30; filed 2025-11-28; reporting currency USD source · NUM_SNEX_REVENUE_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	70,645,000,000 FY 2025; period end 2025-12-31; filed 2026-02-19; reporting currency USD source · NUM_MS_REVENUE_FY2025	58,283,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_GS_REVENUE_FY2025	24,216,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_BLK_REVENUE_FY2025	23,921,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_SCHW_REVENUE_FY2025	16,989,479,000 FY 2025; period end 2025-12-31; filed 2026-02-23; reporting currency USD source · NUM_LPLA_REVENUE_FY2025	15,912,000,000 FY 2025; period end 2025-09-30; filed 2025-11-25; reporting currency USD source · NUM_RJF_REVENUE_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	12,640,000,000 FY 2025; period end 2025-12-31; filed 2026-02-05; reporting currency USD source · NUM_ICE_REVENUE_FY2025	10,823,677,000 FY 2025; period end 2025-11-30; filed 2026-01-28; reporting currency USD source · NUM_JEF_REVENUE_FY2025	8,262,000,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_NDAQ_REVENUE_FY2025	6,520,600,000 FY 2025; period end 2025-12-31; filed 2026-02-26; reporting currency USD source · NUM_CME_REVENUE_FY2025	6,347,533,000 FY 2025; period end 2025-12-31; filed 2026-02-24; reporting currency USD source · NUM_SF_REVENUE_FY2025
Net margin	0.23% FY 2025; period end 2025-09-30; filed 2025-11-28 source · NUM_SNEX_NET_MARGIN_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	23.87% FY 2025; period end 2025-12-31; filed 2026-02-19 source · NUM_MS_NET_MARGIN_FY2025	29.47% FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_GS_NET_MARGIN_FY2025	22.93% FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_BLK_NET_MARGIN_FY2025	37.01% FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_SCHW_NET_MARGIN_FY2025	5.08% FY 2025; period end 2025-12-31; filed 2026-02-23 source · NUM_LPLA_NET_MARGIN_FY2025	13.42% FY 2025; period end 2025-09-30; filed 2025-11-25 source · NUM_RJF_NET_MARGIN_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	26.23% FY 2025; period end 2025-12-31; filed 2026-02-05 source · NUM_ICE_NET_MARGIN_FY2025	6.30% FY 2025; period end 2025-11-30; filed 2026-01-28 source · NUM_JEF_NET_MARGIN_FY2025	21.64% FY 2025; period end 2025-12-31; filed 2026-02-12 source · NUM_NDAQ_NET_MARGIN_FY2025	62.45% FY 2025; period end 2025-12-31; filed 2026-02-26 source · NUM_CME_NET_MARGIN_FY2025	10.77% FY 2025; period end 2025-12-31; filed 2026-02-24 source · NUM_SF_NET_MARGIN_FY2025
Operating margin	-0.06% FY 2024; period end 2024-09-30; filed 2025-11-28 source · NUM_SNEX_OPERATING_MARGIN_FY2024 Non-aligned period: 2024-Q3; row majority 2025-Q4.	Not available.	Not available.	29.09% FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_BLK_OPERATING_MARGIN_FY2025	Not available.	Not available.	Not available.	39.00% FY 2025; period end 2025-12-31; filed 2026-02-05 source · NUM_ICE_OPERATING_MARGIN_FY2025	Not available.	28.21% FY 2025; period end 2025-12-31; filed 2026-02-12 source · NUM_NDAQ_OPERATING_MARGIN_FY2025	64.86% FY 2025; period end 2025-12-31; filed 2026-02-26 source · NUM_CME_OPERATING_MARGIN_FY2025	15.60% FY 2024; period end 2024-12-31; filed 2026-02-24 source · NUM_SF_OPERATING_MARGIN_FY2024 Non-aligned period: 2024-Q4; row majority 2025-Q4.
Free cash flow	4,322,900,000 FY 2025; period end 2025-09-30; filed 2025-11-28; reporting currency USD source · NUM_SNEX_FREE_CASH_FLOW_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	Not available.	-47,218,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_GS_FREE_CASH_FLOW_FY2025	3,552,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_BLK_FREE_CASH_FLOW_FY2025	8,763,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_SCHW_FREE_CASH_FLOW_FY2025	-981,780,000 FY 2025; period end 2025-12-31; filed 2026-02-23; reporting currency USD source · NUM_LPLA_FREE_CASH_FLOW_FY2025	2,246,000,000 FY 2025; period end 2025-09-30; filed 2025-11-25; reporting currency USD source · NUM_RJF_FREE_CASH_FLOW_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	4,289,000,000 FY 2025; period end 2025-12-31; filed 2026-02-05; reporting currency USD source · NUM_ICE_FREE_CASH_FLOW_FY2025	-1,702,610,000 FY 2025; period end 2025-11-30; filed 2026-01-28; reporting currency USD source · NUM_JEF_FREE_CASH_FLOW_FY2025	1,989,000,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_NDAQ_FREE_CASH_FLOW_FY2025	4,193,600,000 FY 2025; period end 2025-12-31; filed 2026-02-26; reporting currency USD source · NUM_CME_FREE_CASH_FLOW_FY2025	1,054,941,000 FY 2025; period end 2025-12-31; filed 2026-02-24; reporting currency USD source · NUM_SF_FREE_CASH_FLOW_FY2025
Capital expenditures	65,400,000 FY 2025; period end 2025-09-30; filed 2025-11-28; reporting currency USD source · NUM_SNEX_CAPEX_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	Not available.	2,064,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_GS_CAPEX_FY2025	375,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_BLK_CAPEX_FY2025	548,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_SCHW_CAPEX_FY2025	570,376,000 FY 2025; period end 2025-12-31; filed 2026-02-23; reporting currency USD source · NUM_LPLA_CAPEX_FY2025	188,000,000 FY 2025; period end 2025-09-30; filed 2025-11-25; reporting currency USD source · NUM_RJF_CAPEX_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	373,000,000 FY 2025; period end 2025-12-31; filed 2026-02-05; reporting currency USD source · NUM_ICE_CAPEX_FY2025	207,467,000 FY 2025; period end 2025-11-30; filed 2026-01-28; reporting currency USD source · NUM_JEF_CAPEX_FY2025	266,000,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_NDAQ_CAPEX_FY2025	83,500,000 FY 2025; period end 2025-12-31; filed 2026-02-26; reporting currency USD source · NUM_CME_CAPEX_FY2025	62,088,000 FY 2025; period end 2025-12-31; filed 2026-02-24; reporting currency USD source · NUM_SF_CAPEX_FY2025
Dividends paid	Not available.	6,593,000,000 FY 2025; period end 2025-12-31; filed 2026-02-19; reporting currency USD source · NUM_MS_DIVIDENDS_PAID_FY2025	5,277,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_GS_DIVIDENDS_PAID_FY2025	3,101,000,000 FY 2024; period end 2024-12-31; filed 2025-02-25; reporting currency USD source · NUM_BLK_DIVIDENDS_PAID_FY2024 Non-aligned period: 2024-Q4; row majority 2025-Q4.	2,329,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_SCHW_DIVIDENDS_PAID_FY2025	94,411,000 FY 2025; period end 2025-12-31; filed 2026-02-23; reporting currency USD source · NUM_LPLA_DIVIDENDS_PAID_FY2025	Not available.	1,105,000,000 FY 2025; period end 2025-12-31; filed 2026-02-05; reporting currency USD source · NUM_ICE_DIVIDENDS_PAID_FY2025	374,130,000 FY 2025; period end 2025-11-30; filed 2026-01-28; reporting currency USD source · NUM_JEF_DIVIDENDS_PAID_FY2025	601,000,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_NDAQ_DIVIDENDS_PAID_FY2025	3,933,000,000 FY 2025; period end 2025-12-31; filed 2026-02-26; reporting currency USD source · NUM_CME_DIVIDENDS_PAID_FY2025	Not available.
Share buybacks	Not available.	Not available.	12,360,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_GS_SHARE_BUYBACKS_FY2025	1,930,000,000 FY 2024; period end 2024-12-31; filed 2025-02-25; reporting currency USD source · NUM_BLK_SHARE_BUYBACKS_FY2024 Non-aligned period: 2024-Q4; row majority 2025-Q4.	7,346,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_SCHW_SHARE_BUYBACKS_FY2025	100,004,000 FY 2025; period end 2025-12-31; filed 2026-02-23; reporting currency USD source · NUM_LPLA_SHARE_BUYBACKS_FY2025	Not available.	1,294,000,000 FY 2025; period end 2025-12-31; filed 2026-02-05; reporting currency USD source · NUM_ICE_SHARE_BUYBACKS_FY2025	58,515,000 FY 2025; period end 2025-11-30; filed 2026-01-28; reporting currency USD source · NUM_JEF_SHARE_BUYBACKS_FY2025	616,000,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_NDAQ_SHARE_BUYBACKS_FY2025	Not available.	244,991,000 FY 2025; period end 2025-12-31; filed 2026-02-24; reporting currency USD source · NUM_SF_SHARE_BUYBACKS_FY2025
Assets	45,268,000,000 FY 2025; period end 2025-09-30; filed 2025-11-28; reporting currency USD source · NUM_SNEX_ASSETS_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	1,420,270,000,000 FY 2025; period end 2025-12-31; filed 2026-02-19; reporting currency USD source · NUM_MS_ASSETS_FY2025	1,809,320,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_GS_ASSETS_FY2025	169,998,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_BLK_ASSETS_FY2025	490,995,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_SCHW_ASSETS_FY2025	18,492,753,000 FY 2025; period end 2025-12-31; filed 2026-02-23; reporting currency USD source · NUM_LPLA_ASSETS_FY2025	88,230,000,000 FY 2025; period end 2025-09-30; filed 2025-11-25; reporting currency USD source · NUM_RJF_ASSETS_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	136,887,000,000 FY 2025; period end 2025-12-31; filed 2026-02-05; reporting currency USD source · NUM_ICE_ASSETS_FY2025	76,012,347,000 FY 2025; period end 2025-11-30; filed 2026-01-28; reporting currency USD source · NUM_JEF_ASSETS_FY2025	31,053,000,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_NDAQ_ASSETS_FY2025	198,424,200,000 FY 2025; period end 2025-12-31; filed 2026-02-26; reporting currency USD source · NUM_CME_ASSETS_FY2025	41,270,782,000 FY 2025; period end 2025-12-31; filed 2026-02-24; reporting currency USD source · NUM_SF_ASSETS_FY2025
Liabilities / equity	18.04 FY 2025; period end 2025-09-30; filed 2025-11-28 source · NUM_SNEX_LIABILITIES_TO_EQUITY_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	11.71 FY 2025; period end 2025-12-31; filed 2026-02-19 source · NUM_MS_LIABILITIES_TO_EQUITY_FY2025	13.48 FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_GS_LIABILITIES_TO_EQUITY_FY2025	1.94 FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_BLK_LIABILITIES_TO_EQUITY_FY2025	8.93 FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_SCHW_LIABILITIES_TO_EQUITY_FY2025	2.46 FY 2025; period end 2025-12-31; filed 2026-02-23 source · NUM_LPLA_LIABILITIES_TO_EQUITY_FY2025	6.06 FY 2025; period end 2025-09-30; filed 2025-11-25 source · NUM_RJF_LIABILITIES_TO_EQUITY_FY2025 Non-aligned period: 2025-Q3; row majority 2025-Q4.	3.73 FY 2025; period end 2025-12-31; filed 2026-02-05 source · NUM_ICE_LIABILITIES_TO_EQUITY_FY2025	6.18 FY 2025; period end 2025-11-30; filed 2026-01-28 source · NUM_JEF_LIABILITIES_TO_EQUITY_FY2025	1.54 FY 2025; period end 2025-12-31; filed 2026-02-12 source · NUM_NDAQ_LIABILITIES_TO_EQUITY_FY2025	5.91 FY 2025; period end 2025-12-31; filed 2026-02-26 source · NUM_CME_LIABILITIES_TO_EQUITY_FY2025	5.90 FY 2025; period end 2025-12-31; filed 2026-02-24 source · NUM_SF_LIABILITIES_TO_EQUITY_FY2025

Code-computed comparisons

Latest reported revenue range: range endpoints are SF (6,347,533,000) and MS (70,645,000,000). Calendar period: 2025-Q4. Computed from facts NUM_SF_REVENUE_FY2025 and NUM_MS_REVENUE_FY2025; no authored numeric comparison. Excluded from this comparison: RJF: period not aligned (2025-Q3 vs 2025-Q4); SNEX: period not aligned (2025-Q3 vs 2025-Q4).
Reported net margin range: range endpoints are LPLA (5.08%) and CME (62.45%). Calendar period: 2025-Q4. Computed from facts NUM_LPLA_NET_MARGIN_FY2025 and NUM_CME_NET_MARGIN_FY2025; no authored numeric comparison. Excluded from this comparison: RJF: period not aligned (2025-Q3 vs 2025-Q4); SNEX: period not aligned (2025-Q3 vs 2025-Q4).

Market-risk companion: risk and factor comparison from lmfin. It is descriptive and separate from the SEC fundamentals review.

Narrative Matrix

Dimension	SNEX	MS	GS	BLK	SCHW	LPLA	RJF	ICE	JEF	NDAQ	CME	SF
Business model	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.
Geographic and customer exposure	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.
Capital allocation	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.
Stated strategy in filings	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.
Idiosyncratic risks in filings	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.
Recent narrative change	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.

Gate summary

Facts: 93. Claims survived: 0. Claims dropped: 0. Cells quarantined: 72.

Quarantined quantitative rows

No quantitative metric rows quarantined.

Quarantined dimensions

business_model: No verified cells survived the gate.
geographic_customer_exposure: No verified cells survived the gate.
capital_allocation: No verified cells survived the gate.
stated_strategy: No verified cells survived the gate.
idiosyncratic_risks: No verified cells survived the gate.
recent_narrative_change: No verified cells survived the gate.

Quarantined cells

SNEX / business_model: No direct dimension-relevant quote survived the evidence gate.
MS / business_model: No direct dimension-relevant quote survived the evidence gate.
GS / business_model: No direct dimension-relevant quote survived the evidence gate.
BLK / business_model: No direct dimension-relevant quote survived the evidence gate.
SCHW / business_model: No direct dimension-relevant quote survived the evidence gate.
LPLA / business_model: No direct dimension-relevant quote survived the evidence gate.
RJF / business_model: No direct dimension-relevant quote survived the evidence gate.
ICE / business_model: No direct dimension-relevant quote survived the evidence gate.
JEF / business_model: No direct dimension-relevant quote survived the evidence gate.
NDAQ / business_model: No direct dimension-relevant quote survived the evidence gate.
CME / business_model: No direct dimension-relevant quote survived the evidence gate.
SF / business_model: No direct dimension-relevant quote survived the evidence gate.
SNEX / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
MS / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
GS / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
BLK / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
SCHW / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
LPLA / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
RJF / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
ICE / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
JEF / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
NDAQ / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
CME / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
SF / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.