v3.25.4

Segment Reporting (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Financial data for our business segments are as follows for 2025, 2024 and 2023 (in millions):
| Year Ended December 31, 2025
| Exchanges |  | Fixed Income and Data Services |  | Mortgage Technology |  | Consolidated
Revenues: |  |  |  |  |  |  |
Energy futures and options | $ | 2,182 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,182 |
Agricultural and metals futures and options | 233 |  |  | — |  |  | — |  |  | 233 |
Financial futures and options | 608 |  |  | — |  |  | — |  |  | 608 |
Cash equities and equity options | 3,176 |  |  | — |  |  | — |  |  | 3,176 |
OTC and other | 395 |  |  | — |  |  | — |  |  | 395 |
Data and connectivity services | 1,031 |  |  | — |  |  | — |  |  | 1,031 |
Listings | 495 |  |  | — |  |  | — |  |  | 495 |
Fixed income execution | — |  |  | 125 |  |  | — |  |  | 125 |
CDS clearing | — |  |  | 338 |  |  | — |  |  | 338 |
Fixed income data and analytics | — |  |  | 1,234 |  |  | — |  |  | 1,234 |
Data and network technology | — |  |  | 722 |  |  | — |  |  | 722 |
Origination technology | — |  |  | — |  |  | 738 |  |  | 738 |
Closing solutions | — |  |  | — |  |  | 223 |  |  | 223 |
Servicing software | — |  |  | — |  |  | 871 |  |  | 871 |
Data and analytics | — |  |  | — |  |  | 269 |  |  | 269 |
Revenues | 8,120 |  |  | 2,419 |  |  | 2,101 |  |  | 12,640 |
Transaction-based expenses | 2,709 |  |  | — |  |  | — |  |  | 2,709 |
Revenues, less transaction-based expenses | 5,411 |  |  | 2,419 |  |  | 2,101 |  |  | 9,931 |
Other operating expenses | 1,172 |  |  | 1,140 |  |  | 1,060 |  |  | 3,372 |
Depreciation and amortization | 255 |  |  | 344 |  |  | 961 |  |  | 1,560 |
Acquisition-related transaction and integration costs | 2 |  |  | 2 |  |  | 66 |  |  | 70 |
Operating expenses | 1,429 |  |  | 1,486 |  |  | 2,087 |  |  | 5,002 |
Operating income | $ | 3,982 |  |  | $ | 933 |  |  | $ | 14 |  |  | $ | 4,929 |
Total other income/(expense), net |  |  |  |  |  |  | (583) |
Income before income tax expense |  |  |  |  |  |  | $ | 4,346 |
| Year Ended December 31, 2024
| Exchanges |  | Fixed Income and Data Services |  | Mortgage Technology |  | Consolidated
Revenues: |  |  |  |  |  |  |
Energy futures and options | $ | 1,876 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,876 |
Agricultural and metals futures and options | 257 |  |  | — |  |  | — |  |  | 257 |
Financial futures and options | 559 |  |  | — |  |  | — |  |  | 559 |
Cash equities and equity options | 2,913 |  |  | — |  |  | — |  |  | 2,913 |
OTC and other | 400 |  |  | — |  |  | — |  |  | 400 |
Data and connectivity services | 947 |  |  | — |  |  | — |  |  | 947 |
Listings | 489 |  |  | — |  |  | — |  |  | 489 |
Fixed income execution | — |  |  | 117 |  |  | — |  |  | 117 |
CDS clearing | — |  |  | 343 |  |  | — |  |  | 343 |
Fixed income data and analytics | — |  |  | 1,177 |  |  | — |  |  | 1,177 |
Data and network technology | — |  |  | 661 |  |  | — |  |  | 661 |
Origination technology | — |  |  | — |  |  | 713 |  |  | 713 |
Closing solutions | — |  |  | — |  |  | 202 |  |  | 202 |
Servicing software | — |  |  | — |  |  | 848 |  |  | 848 |
Data and analytics | — |  |  | — |  |  | 259 |  |  | 259 |
Revenues | 7,441 |  |  | 2,298 |  |  | 2,022 |  |  | 11,761 |
Transaction-based expenses | 2,482 |  |  | — |  |  | — |  |  | 2,482 |
Revenues, less transaction-based expenses | 4,959 |  |  | 2,298 |  |  | 2,022 |  |  | 9,279 |
Other operating expenses | 1,063 |  |  | 1,129 |  |  | 1,137 |  |  | 3,329 |
Depreciation and amortization | 260 |  |  | 326 |  |  | 951 |  |  | 1,537 |
Acquisition-related transaction and integration costs | — |  |  | — |  |  | 104 |  |  | 104 |
Operating expenses | 1,323 |  |  | 1,455 |  |  | 2,192 |  |  | 4,970 |
Operating income/(loss) | $ | 3,636 |  |  | $ | 843 |  |  | $ | (170) |  |  | $ | 4,309 |
Total other income/(expense), net |  |  |  |  |  |  | (681) |
Income before income tax expense |  |  |  |  |  |  | $ | 3,628 |
| Year Ended December 31, 2023
| Exchanges |  | Fixed Income and Data Services |  | Mortgage Technology |  | Consolidated
Revenues: |  |  |  |  |  |  |
Energy futures and options | $ | 1,498 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,498 |
Agricultural and metals futures and options | 271 |  |  | — |  |  | — |  |  | 271 |
Financial futures and options | 460 |  |  | — |  |  | — |  |  | 460 |
Cash equities and equity options | 2,298 |  |  | — |  |  | — |  |  | 2,298 |
OTC and other | 398 |  |  | — |  |  | — |  |  | 398 |
Data and connectivity services | 933 |  |  | — |  |  | — |  |  | 933 |
Listings | 497 |  |  | — |  |  | — |  |  | 497 |
Fixed income execution | — |  |  | 124 |  |  | — |  |  | 124 |
CDS clearing | — |  |  | 360 |  |  | — |  |  | 360 |
Fixed income data and analytics | — |  |  | 1,118 |  |  | — |  |  | 1,118 |
Data and network technology | — |  |  | 629 |  |  | — |  |  | 629 |
Origination technology | — |  |  | — |  |  | 694 |  |  | 694 |
Closing solutions | — |  |  | — |  |  | 179 |  |  | 179 |
Servicing software | — |  |  | — |  |  | 288 |  |  | 288 |
Data and analytics | — |  |  | — |  |  | 156 |  |  | 156 |
Revenues | 6,355 |  |  | 2,231 |  |  | 1,317 |  |  | 9,903 |
Transaction-based expenses | 1,915 |  |  | — |  |  | — |  |  | 1,915 |
Revenues, less transaction-based expenses | 4,440 |  |  | 2,231 |  |  | 1,317 |  |  | 7,988 |
Other operating expenses | 1,033 |  |  | 1,079 |  |  | 698 |  |  | 2,810 |
Depreciation and amortization | 248 |  |  | 341 |  |  | 626 |  |  | 1,215 |
Acquisition-related transaction and integration costs | — |  |  | — |  |  | 269 |  |  | 269 |
Operating expenses | 1,281 |  |  | 1,420 |  |  | 1,593 |  |  | 4,294 |
Operating income/(loss) | $ | 3,159 |  |  | $ | 811 |  |  | $ | (276) |  |  | $ | 3,694 |
Total other income/(expense), net |  |  |  |  |  |  | (800) |
Income before income tax expense |  |  |  |  |  |  | $ | 2,894 |
Schedule of Geographical Segments | The following represents our revenues, less transaction-based expenses, net assets and net property and equipment based on the geographic location (in millions):
| United States |  | Foreign Countries |  | Total
Revenues, less transaction-based expenses: |  |  |  |  |
Year ended December 31, 2025 | $ | 6,316 |  |  | $ | 3,615 |  |  | $ | 9,931 |
Year ended December 31, 2024 | $ | 6,038 |  |  | $ | 3,241 |  |  | $ | 9,279 |
Year ended December 31, 2023 | $ | 5,246 |  |  | $ | 2,742 |  |  | $ | 7,988 |
Net assets: |  |  |  |  |
As of December 31, 2025 | $ | 21,252 |  |  | $ | 7,739 |  |  | $ | 28,991 |
As of December 31, 2024 | $ | 20,235 |  |  | $ | 7,485 |  |  | $ | 27,720 |
Property and equipment, net: |  |  |  |  |
As of December 31, 2025 | $ | 2,359 |  |  | $ | 332 |  |  | $ | 2,691 |
As of December 31, 2024 | $ | 1,865 |  |  | $ | 288 |  |  | $ | 2,153 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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