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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our business is conducted through three reportable business segments:
•Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses;
•Fixed Income and Data Services: We provide fixed income pricing, reference data, indices, analytics and execution services as well as global CDS clearing and multi-asset class data delivery technology; and
•Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing and the secondary market.
Our chief operating decision maker, or CODM, is our Chair and Chief Executive Officer. Our CODM uses operating income/(loss) to assess performance and allocate resources for each of our segments, including decisions on product pricing and new products, strategic mergers and acquisitions, marketing costs, capital expenditures, employee headcount and compensation. Our CODM evaluates both budgeted and actual operating income/(loss), and the related growth, when assessing performance and making decisions about allocating resources as described above. The accounting policies of our reportable segments are the same as those described in Note 2 to our consolidated financial statements in our 2024 Form 10-K.
The information and amounts presented in the tables below align with the segment-level information regularly provided to our CODM. While revenues are recorded specifically in the segment in which they are earned or to which they relate, a significant portion of our operating expenses are not solely related to a specific segment because the expenses serve functions that are necessary for the operation of more than one segment. We directly allocate expenses when reasonably possible to do so. Otherwise, we use a pro-rata revenue approach as the allocation method for the expenses that do not relate solely to one segment and serve functions that are necessary for the operation of all segments. Our significant expense categories are other operating expenses, depreciation and amortization expense and acquisition-related transaction and integration costs. Other operating expenses include the aggregate of compensation and benefits, professional services, technology and communication, rent and occupancy and selling, general and administrative expenses.
Our CODM does not review total assets or statements of income below operating income by segment; therefore, such information is not presented below. Our three segments do not engage in intersegment transactions.
During the nine months ended September 30, 2025, we changed the caption of a disaggregated revenue line item in our Fixed Income and Data Services segment previously presented as "Other data and network services" to "Data and network technology" within the tables below. This name change was made to better reflect the nature of the revenues included in this caption and did not impact the measurement or classification of revenue included in this caption.
Financial data for our business segments is as follows for the nine and three months ended September 30, 2025 and 2024 (in millions):
Nine Months Ended September 30, 2025
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$1,634 $— $— $1,634 
Agricultural and metals futures and options180 — — 180 
Financial futures and options453 — — 453 
Cash equities and equity options2,418 — — 2,418 
OTC and other 298 — — 298 
Data and connectivity services765 — — 765 
Listings370 — — 370 
Fixed income execution— 96 — 96 
CDS clearing— 266 — 266 
Fixed income data and analytics— 916 — 916 
Data and network technology— 533 — 533 
Origination technology— — 550 550 
Closing solutions— — 163 163 
Servicing software— — 657 657 
Data and analytics— — 199 199 
Revenues6,118 1,811 1,569 9,498 
Transaction-based expenses2,071 — — 2,071 
Revenues, less transaction-based expenses4,047 1,811 1,569 7,427 
Other operating expenses872 850 791 2,513 
Depreciation and amortization191 256 724 1,171 
Acquisition-related transaction and integration costs1 2 48 51 
Operating expenses1,064 1,108 1,563 3,735 
Operating income$2,983 $703 $6 $3,692 
Total other income/(expense), net(412)
Income before income tax expense$3,280 
Three Months Ended September 30, 2025
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$482 $— $— $482 
Agricultural and metals futures and options51 — — 51 
Financial futures and options139 — — 139 
Cash equities and equity options701 — — 701 
OTC and other99 — — 99 
Data and connectivity services264 — — 264 
Listings125 — — 125 
Fixed income execution— 33 — 33 
CDS clearing— 90 — 90 
Fixed income data and analytics— 311 — 311 
Data and network technology— 184 — 184 
Origination technology— — 188 188 
Closing solutions— — 58 58 
Servicing software— — 216 216 
Data and analytics— — 66 66 
Revenues1,861 618 528 3,007 
Transaction-based expenses596 — — 596 
Revenues, less transaction-based expenses1,265 618 528 2,411 
Other operating expenses293 286 262 841 
Depreciation and amortization64 86 237 387 
Acquisition-related transaction and integration costs— 2 7 9 
Operating expenses357 374 506 1,237 
Operating income$908 $244 $22 $1,174 
Total other income/(expense), net(93)
Income before income tax expense$1,081 
Nine Months Ended September 30, 2024
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$1,399 $— $— $1,399 
Agricultural and metals futures and options203 — — 203 
Financial futures and options408 — — 408 
Cash equities and equity options2,092 — — 2,092 
OTC and other 313 — — 313 
Data and connectivity services717 — — 717 
Listings366 — — 366 
Fixed income execution— 84 — 84 
CDS clearing— 268 — 268 
Fixed income data and analytics— 876 — 876 
Data and network technology— 491 — 491 
Origination technology— — 536 536 
Closing solutions— — 150 150 
Servicing software— — 635 635 
Data and analytics— — 193 193 
Revenues5,498 1,719 1,514 8,731 
Transaction-based expenses1,775 — — 1,775 
Revenues, less transaction-based expenses3,723 1,719 1,514 6,956 
Other operating expenses792 844 852 2,488 
Depreciation and amortization197 243 708 1,148 
Acquisition-related transaction and integration costs— — 88 88 
Operating expenses989 1,087 1,648 3,724 
Operating income/(loss)$2,734 $632 $(134)$3,232 
Total other income/(expense), net(509)
Income before income tax expense$2,723 
Three Months Ended September 30, 2024
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$473 $— $— $473 
Agricultural and metals futures and options60 — — 60 
Financial futures and options141 — — 141 
Cash equities and equity options791 — — 791 
OTC and other109 — — 109 
Data and connectivity services242 — — 242 
Listings122 — — 122 
Fixed income execution— 28 — 28 
CDS clearing— 97 — 97 
Fixed income data and analytics— 295 — 295 
Data and network technology— 166 — 166 
Origination technology— — 182 182 
Closing solutions— — 54 54 
Servicing software— — 209 209 
Data and analytics— — 64 64 
Revenues1,938 586 509 3,033 
Transaction-based expenses684 — — 684 
Revenues, less transaction-based expenses1,254 586 509 2,349 
Other operating expenses242 294 287 823 
Depreciation and amortization65 82 239 386 
Acquisition-related transaction and integration costs— — 37 37 
Operating expenses307 376 563 1,246 
Operating income/(loss)$947 $210 $(54)$1,103 
Total other income/(expense), net(205)
Income before income tax expense$898 
No customer accounted for more than 10% of our consolidated revenues, less transaction-based expenses during the nine and three months ended September 30, 2025 or 2024.