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Investments | 12 Months Ended
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Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments | Investments The carrying value of our investments consisted of the following (in millions):
| As of December 31,
Equity securities: | 2025 |  | 2024
Equity investments without readily determinable fair values | $ | 1,194 |  |  | $ | 104 |
Equity method investments | 414 |  |  | 347 |
Equity investments measured using NAV practical expedient | 6 |  |  | — |
Total carrying value of our equity and equity method investments | $ | 1,614 |  |  | $ | 451 |
Equity Investments Without Readily Determinable Fair Values In 2025 and 2024, we had a net gain of $34 million and a net loss of $1 million, respectively, related to the identification of observable price changes for similar investments of our investees and impairments. Polymarket On October 7, 2025, we entered into an agreement to purchase 9.6 million shares of Series D Preferred Stock of Blockratize, Inc., doing business as Polymarket, a prediction market and information platform tracking event probabilities across markets, politics, sport and culture, for $1.0 billion. We also have the potential to purchase up to an additional $1.0 billion of shares from Polymarket employees and investors, subject to certain conditions. Our investment represents approximately 17% and 11% ownership of the outstanding and fully diluted shares of Polymarket, respectively. Each Series D Preferred share can be converted into common stock at our option or will be mandatorily converted upon a qualified initial public offering or direct listing. We are entitled to a 6% non-cumulative dividend payable only if declared. With respect to liquidation, dissolution and winding up of Polymarket, the Series D Preferred Stock ranks pari passu with certain of the other classes of preferred stock and is senior to the remaining shares of capital stock, including common stock. As the holder of Series D Preferred Stock, we have the right to cast the number of votes equal to the number of whole shares of common stock into which our preferred shares are convertible. Our ownership gives us the right to nominate and vote exclusively to elect one member of the board. Equity Method Investments Our equity method investments include OCC and Bakkt Holdings, Inc., or Bakkt, among others. We recognized income of $79 million and losses of $62 million and $122 million as our share of estimated income/losses, net, from our equity method investments included in other income/(expense), net in our consolidated statements of income during 2025, 2024 and 2023, respectively. The estimated income during 2025 is primarily related to our share of net income of OCC. The estimated losses in 2024 and 2023 are primarily related to our investment in Bakkt, partially offset by our share of net income of OCC. Each period includes adjustments to reflect the difference between reported prior period actual results from our original estimates. There were no other-than-temporary impairments of our equity method investments identified in any of the years presented. OCC We own a 40% interest in OCC through a direct investment by the 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, security 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 December 31, 2025, and December 31, 2024, we held an approximate 31% and 54% economic interest in Bakkt, respectively. The decrease in ownership in 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 was 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. On August 12, 2024, we entered into a revolving credit agreement with Bakkt under which we had agreed to provide Bakkt with a $40 million secured revolving line of credit that was set to mature on December 31, 2026. In conjunction with Bakkt's offering of shares of its Class A common stock, on July 30, 2025, Bakkt terminated this revolving credit agreement. 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 2025 and 2024. On November 3, 2025 Bakkt completed an internal reorganization to streamline its corporate structure by eliminating its umbrella partnership-C-corporation structure. We received an equivalent number of shares of the new Bakkt listed parent company. As part of the reorganization, we also received additional shares of Bakkt to settle the outstanding tax receivable agreement from the initial merger with Victory Park Capital Impact Acquisition Holdings. As a result of the reorganization and other share activity, we recorded a total gain of $19 million in 2025. We also recorded a $10 million loss related to our share of Bakkt's estimated net loss in 2025. As of December 31, 2025, the carrying value our investment in Bakkt was determined to be $9 million. As Bakkt is a public company with a readily available market price, the fair value of our investment was $80 million as of December 31, 2025, which was based on the quoted market price of Bakkt Class A common stock as of December 31, 2025. Equity Investments Measured Using NAV In 2025, we recorded a total gain of $2 million related to fair value adjustments estimated using the NAV of our ownership interests. Equity Investments With Readily Determinable Fair Values In connection with our acquisition of Black Knight, we acquired an investment in Dun & Bradstreet Holdings, Inc., or D&B, a global provider of business decisioning data and analytics, which we classified as an equity investment. Subsequent to the Black Knight acquisition and prior to December 31, 2023, we sold the entire investment for a total of $187 million and realized a total loss of $3 million on the sale, net of dividends received, which is included in other income/(expense), net in our consolidated statement of income in 2023.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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