v3.25.4

Segment Reporting | 12 Months Ended
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Dec. 31, 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 the reportable segments are the same as those described in Note 2. 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 segments; therefore, such information is not presented below. Our three segments do not engage in intersegment transactions. During 2025, we changed the classification 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 classification and did not impact the measurement or classification of revenue within this classification. 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 |
No customer accounted for more than 10% of our consolidated revenues, less transaction-based expenses during 2025, 2024, or 2023. Geographical Information 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 |
The foreign countries category above primarily relates to the U.K. and to a lesser extent, EU, India, Israel, Canada and Singapore.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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