Investments

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

The carrying value of our investments consisted of the following (in millions):


	As of September 30, 2025		As of December 31, 2024
Equity securities:
Equity method investments	$	388	$	347
Equity investments without readily determinable fair values	$	183	$	104
Equity investments measured using NAV practical expedient	$	6	$	—

Equity Method Investments

Our equity method investments include the Options Clearing Corporation, or OCC, and Bakkt Holdings, Inc. and Bakkt Opco Holdings, LLC, or collectively, Bakkt, among others. Our equity method investments are included in other non-current assets in our consolidated balance sheets. We initially record our equity method investments at cost. At the end of each reporting period, we record our share of net income or loss of our equity method investments as equity earnings included in other income, net, in our consolidated statements of income, and adjust the carrying value of our equity method investments accordingly. In addition, if and when our equity method investments issue cash dividends to us, we deduct the amount of these dividends from the carrying amount of that investment. We assess the carrying value periodically if impairment indicators are present.

We recognized $75 million of income and $63 million of loss as our share of estimated income/loss, net, from our equity method investments during the nine months ended September 30, 2025 and 2024, respectively, and $40 million of income and $18 million of loss as our share of estimated income/loss, net, from our equity method investments during the three months ended September 30, 2025 and 2024, respectively. The estimated income for the nine and three months ended September 30, 2025 is primarily related to our share of net income of OCC. The estimated loss for the nine and three months ended September 30, 2024 is primarily related to our investment in Bakkt, partially offset by our share of net income of OCC. Both periods include adjustments to reflect the difference between reported prior period actual results from our original estimates.

When performing our assessment of the carrying value of our investments, we consider, among other things, the length of time and the extent to which the market value has been less than our cost basis, if applicable, the investee's financial condition and near-term prospects, the economic or technological environment in which our investees operate, weakening of the general market condition of the related industry, whether an investee can continue as a going concern, any impairment charges recorded by an investee on goodwill, intangible or long-lived assets, and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value.

OCC

We own a 40% interest in OCC through a direct investment by the New York Stock Exchange, or NYSE. OCC is regulated by the SEC as a registered clearing agency and by the Commodity Futures Trading Commission, or CFTC, as a derivatives clearing organization. OCC serves as a clearing house for securities options, securities futures, commodity futures and options on futures traded on various independent exchanges. OCC clears securities options traded on NYSE Arca Options and NYSE American Options, along with other non-affiliated exchanges.

Bakkt

As of September 30, 2025 and December 31, 2024, we held an approximate 32% and 54% economic interest in Bakkt, respectively. The decrease in ownership during the nine months ended September 30, 2025 is primarily related to Bakkt's offering of shares of its Class A common stock and pre-funded warrants to purchase shares of its Class A common stock. The offering closed on July 30, 2025 and resulted in the dilution of our ownership. Prior to the offering, as a result of limitations on ICE from the Bakkt voting agreement entered into in connection with Bakkt's merger with Victory Park Capital Impact Acquisition Holdings, we held a minority voting interest in Bakkt and accounted for it as an equity method investment. As a result of the offering and the dilution of our ownership, the voting agreement terminated. Since we still have the ability to exercise significant influence over Bakkt, we will continue to account for the investment as an equity method investment.

In addition, on July 30, 2025, Bakkt also terminated a revolving credit agreement with us whereby we had agreed to provide Bakkt with a $40 million secured revolving line of credit that was set to mature on December 31, 2026. The interest earned on the previously funded amount combined with the commitment fees charged to Bakkt prior to the termination of the revolving credit agreement were immaterial for the nine months ended September 30, 2025.

As of September 30, 2025, we do not have any value assigned to the equity method investment carrying value for Bakkt primarily due to our continued recording of our share of losses. As Bakkt is a public company with a readily available market price, the fair value of our investment was $251 million as of September 30, 2025, which was based on the quoted market price of Bakkt Class A common stock as of September 30, 2025.

Equity Investments Without Readily Determinable Fair Values

Our equity investments without readily determinable fair values are included in other non-current assets in our consolidated balance sheets. For these investments, we apply the measurement alternative in Accounting Standards Codification, or ASC, 321, Investments - Equity Securities, or ASC 321. Under the measurement alternative, these investments are recorded at cost minus any impairment, and adjusted to fair value if and when there is an observable price change in an orderly transaction for the identical or a similar investment of the same issuer, with any change in fair value recognized in net income. During the nine months ended September 30, 2025, we recorded a total gain of $34 million related to the identification of an observable price change for a similar investment of one of our investees.

Equity Investments Measured Using NAV

We estimate the fair value of certain of our equity investments each reporting period using the net asset value per share, or NAV, practical expedient. The fair values of such investments are included in other non-current assets in our consolidated balance sheets. During the nine months ended September 30, 2025, we recorded a total gain of $1 million related to fair value adjustments estimated using the NAV of our ownership interests.