v3.25.4

Deferred Revenue (Tables) | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Deferred Revenue | The changes in our deferred revenue during 2025 and 2024 are as follows (in millions):
| Listing Revenues |  | Data Services and Other Revenues |  | Mortgage Technology |  | Total
Deferred revenue balance at January 1, 2024 | $ | 108 |  |  | $ | 93 |  |  | $ | 106 |  |  | $ | 307 |
Additions | 500 |  |  | 400 |  |  | 147 |  |  | 1,047 |
Amortization | (489) |  |  | (363) |  |  | (169) |  |  | (1,021) |
Deferred revenue balance at December 31, 2024 | $ | 119 |  |  | $ | 130 |  |  | $ | 84 |  |  | $ | 333 |
Additions | 495 |  |  | 339 |  |  | 138 |  |  | 972 |
Amortization | (495) |  |  | (368) |  |  | (150) |  |  | (1,013) |
Deferred revenue balance at December 31, 2025 | $ | 119 |  |  | $ | 101 |  |  | $ | 72 |  |  | $ | 292 |
As of December 31, 2025, we estimate that our deferred revenue will be recognized in the following years (in millions):
| Listing Revenues |  | Data Services and Other Revenues |  | Mortgage Technology |  | Total
2026 | $ | 47 |  |  | $ | 97 |  |  | $ | 60 |  |  | $ | 204 |
2027 | 35 |  |  | 3 |  |  | 5 |  |  | 43 |
2028 | 21 |  |  | 1 |  |  | 3 |  |  | 25 |
2029 | 11 |  |  | — |  |  | 1 |  |  | 12 |
2030 | 5 |  |  | — |  |  | 1 |  |  | 6 |
Thereafter | — |  |  | — |  |  | 2 |  |  | 2 |
Total | $ | 119 |  |  | $ | 101 |  |  | $ | 72 |  |  | $ | 292 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- References No definition available. + Details
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