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Revenue Recognition | 12 Months Ended
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Dec. 31, 2025
Revenue Recognition and Deferred Revenue [Abstract] |
Revenue Recognition | Revenue Recognition Our primary revenue contract classifications are described below. These categories best represent those with similar economic characteristics of the nature, amount, timing and uncertainty of our revenues and cash flows. Exchanges Revenues •Futures and Options: Revenues in our futures and options trading businesses primarily represent fees charged for the performance obligations of derivatives trading and clearing. In our derivatives markets, we earn transaction and clearing revenues from both counterparties to each contract that is traded and/or cleared. Our transaction and clearing revenues are primarily included in our Exchanges segment with the exception of our CDS and fixed income transaction and clearing revenues which are discussed below and are included in our Fixed Income and Data Services segment. Derivatives trading and clearing fees contain two performance obligations: (1) trade execution/clearing novation and (2) risk management of open interest. While we allocate the transaction price between these two performance obligations, since they generally are satisfied almost simultaneously, there is no significant deferral of revenue. Our Exchanges segment futures and options transaction and clearing revenues are reported net of rebates. Rebates were $1.6 billion, $1.3 billion and $928 million in 2025, 2024 and 2023, respectively. Transaction and clearing fees can be variable based on trade volume discounts used in the determination of rebates, however virtually all volume discounts are calculated and recorded on a monthly basis. Transaction and clearing fees, as well as any volume discounts rebated to our customers, are calculated and billed monthly in accordance with our published fee schedules. •Cash Equities and Equity Options: Revenues in our cash equity and equity options markets represent trade execution fees. Cash trading and equity options contain one performance obligation related to each transaction which occurs instantaneously, and the revenue is recorded at the point in time of the transaction. We make liquidity payments to certain customers, as well as charge routing fees related to orders in our markets which are routed to other markets for execution and recognize those payments as a cost of revenue. In addition, we pay NYSE regulatory oversight fees to the SEC and collect equal amounts from our customers. These are also considered a cost of revenue, and both of these NYSE-related fees are included in transaction-based expenses. For one of our equity option exchanges, revenues are reported net of rebates. Rebates for that exchange were $61 million, $40 million and $61 million in 2025, 2024 and 2023, respectively. •Listings: Our listings revenues include original and annual listings fees, and other corporate action fees. Each distinct listing fee is allocated to multiple performance obligations including original and incremental listing and investor relations services, as well as a customer’s material right to renew the option to list on our exchanges. In performing this allocation, the standalone selling price of the listing services is based on the original and annual listing fees and the standalone selling price of the investor relations services is based on its market value. All listings fees are billed upfront and the identified performance obligations are satisfied over time. Revenue related to the investor relations performance obligation is recognized ratably over the period these services are provided, with the remaining revenue recognized ratably over time as customers continue to list on our exchanges. Listings fees related to other corporate actions are considered contract modifications of our listing contracts and are recognized ratably over time as customers continue to list on our exchanges. •Data and Connectivity Services: Our data and connectivity services revenues are related to the services that we provide which are directly attributable to our exchange venues. Exchange data services include, among other offerings, proprietary real-time and historical pricing data, as well as order book and transaction information related to our global futures markets and the NYSE exchanges. In addition, we receive a share of revenue from the National Market System, or NMS, Plan. Separately, we also provide connectivity services directly related to our futures, cash equity and options exchanges and clearing houses. Data and connectivity services revenues are primarily subscription-based, billed monthly, quarterly or annually in advance and recognized ratably over time as our performance obligations of data delivery are met consistently throughout the period. Considering that these contracts primarily consist of single performance obligations with fixed prices, there is no variable consideration and no need to allocate the transaction price. •OTC and Other: Our OTC revenues are generated in our bilateral energy markets where we offer electronic trading on contracts based on physically settled natural gas, power and refined oil contracts. Other revenues primarily include net interest income on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees. Generally, fees for OTC and other revenues contain one performance obligation. Because these contracts primarily consist of single performance obligations with fixed prices, there is no variable consideration and no need to allocate the transaction price. Services for OTC and other revenues are primarily satisfied at a point in time. Therefore, there is no need to allocate the fee and no deferral results since we have no further obligation to the customer at that time. In certain of our revenue share arrangements with third parties we control the delivered contract; in these arrangements we are acting as a principal and the revenue is recorded gross. Fixed Income and Data Services Revenues •Fixed Income Execution: Execution fees, which include revenues from ICE Bonds, are reported net of rebates, and can be variable based on trade volume discounts used in the determination of rebates, however virtually all volume discounts are calculated and recorded on a monthly basis. Execution fees and rebates are calculated and billed monthly in accordance with our published fee schedules. Fixed income execution rebates were $8 million, $7 million and $5 million in 2025, 2024 and 2023, respectively. In addition, we earn fixed income transaction fees on the trade execution of agency trades, commissions and net markups and markdowns on riskless principal trades. Fixed income execution fees contain one performance obligation related to each transaction which occurs instantaneously, and the revenue is recorded at a point in time. •CDS Clearing: CDS clearing revenues are reported net of rebates. We recorded $10 million of rebates in 2025, none in 2024, and rebates were nominal in 2023. We provide clearing services to the global CDS market and the timing and nature of our CDS transaction and clearing revenue is similar in nature to the Exchanges Segment transaction and clearing revenues discussed above. The CDS clearing fees contain two performance obligations: (1) clearing novation and (2) risk management of open interest. While we allocate the transaction price between these two performance obligations, since they generally are satisfied almost simultaneously, there is no significant deferral of revenue. CDS clearing revenues also include net interest income on certain clearing margin deposits related to our CDS clearing business which are satisfied at a point in time and consist of a single performance obligation. •Fixed Income Data and Analytics and Data and Network Technology: Fixed income data and analytics services revenues are recurring in nature and include evaluated pricing and reference data and analytics including sovereign, corporate and municipal bonds, mortgage and asset-backed securities, as well as leveraged loans. Data and network technology include those related to the ICE Global Network and our consolidated feeds business, as well as desktops and other multi-asset class analytics. The nature and timing of each contract type for the data services above are similar in nature. Data services revenues are primarily subscription-based, billed monthly, quarterly or annually in advance and recognized ratably over time as our performance obligations of data delivery are met consistently throughout the period. Considering that these contracts primarily consist of single performance obligations with fixed prices, there is no variable consideration and no need to allocate the transaction price. In certain of our data contracts, where third parties are involved, we either arrange for the third party to transfer the services to our customers, or we transfer third-party data to our customers; in these arrangements we are acting as an agent and revenue is recorded net. Mortgage Technology Revenues •Origination Technology: Our origination technology acts as a system of record for the mortgage transaction. These revenues are based on recurring Software as a Service, or SaaS, subscription fees, with an additive transaction-based success-based pricing fee as lenders exceed the number of loans closed that are included with their monthly base subscription. In addition, the ICE Mortgage Technology network provides originators connectivity to the mortgage supply chain and facilitates the secure exchange of information between our customers and third-party service providers, lenders and investors. Revenue from the ICE Mortgage Technology network is largely transaction-based. Performance obligations consist of a series of distinct services and support services. Mortgage subscription customers simultaneously receive and consume benefits from our performance and revenues are recognized over time using a time elapsed measure of progress as our performance obligations are met consistently throughout the period. Contracts generally range from one year to five years. Success-based contracts are subject to monthly billing calculations whereby customers are obligated to pay the greater of a contractual base fee or variable closed loan fee based on the number of closed loan transactions processed by the customer in the specific month. Under success-based contracts, monthly base fees are recognized ratably over the contract terms as subscription performance obligations are satisfied and closed loan fees in excess of base fees are considered variable consideration. For the majority of contracts that include variable consideration, such fees meet the variable consideration allocation exception and are recognized in the month in which they are earned because the terms of the variable payments relate specifically to the outcome from transferring the distinct time increment (one month) of service and because such amounts reflect the fees to which we expect to be entitled for providing access to the Encompass platform for that period. When agreements involve multiple distinct performance obligations, we allocate arrangement consideration to all performance obligations at the inception of an arrangement based on the relative standalone selling prices of each performance obligation. •Closing Solutions: Our closing solutions connect key participants to digitize the closing and recording process. For these services, we act as agent and revenues are recorded net. Revenues for these services primarily contain one performance obligation related to each transaction which occurs instantaneously, and the revenues are primarily recorded at the point in time of the transaction. Closing solutions also includes revenues from our MERSCORP Holdings, Inc., or MERS, database, which provides a system of record for recording and tracking changes and servicing rights and beneficial ownership interests in loans secured by U.S. residential real estate. MERS database revenues contain multiple performance obligations related to each new loan registration and future transfers, and the revenues are primarily recorded at the point in time of each transaction. Closing solutions revenues may include a fixed-fee subscription component recognized ratably over the contract term, as this method best depicts our pattern of performance. •Servicing software: Our servicing software revenues include Black Knight’s integrated mortgage servicing solutions, which help automate all areas of the servicing process. Our servicing software includes business intelligence, mortgage default and servicing technology, digital mortgage solutions and related professional services. These revenues are primarily comprised of recurring SaaS offerings for various platforms. Contracts for software and hosting solutions typically span five to seven years. For our SaaS offerings, we promise our clients to stand ready to provide continuous access to our processing platforms. For this reason, processing services are generally viewed as a stand-ready performance obligation comprised of a series of distinct daily services. We typically satisfy these performance obligations over time as the services are provided. A time-elapsed output method is used to measure progress because our efforts are expended evenly throughout the period. We evaluate our variable payment terms related to these revenues, and they generally meet the criteria for allocating variable consideration entirely to one or more, but not all, performance obligations in a contract. Accordingly, when the criteria are met, variable amounts based on the number and type of services performed during a period are allocated to and recognized on the day in which we perform the related services. Fixed fees for processing services are generally recognized ratably over the contract period. •Data and Analytics: Revenues include those related to ICE Mortgage Technology’s Analyzer and Black Knight's suite of data and analytics products and services. ICE Mortgage Technology's Analyzer streamlines data collection and validation through our automated document recognition and data extraction capabilities. Analyzer revenues can be both recurring and transaction-based in nature. In addition, our data offerings include near real-time industry and peer benchmarking tools and de-identified mortgage origination data for lenders to access industry data and origination information. Revenues related to our data products are largely subscription-based and recurring in nature and recognized ratably over time as our performance obligations are met consistently throughout the period. Black Knight's data and analytics revenue primarily comes from providing access to new and historical property ownership data and valuation-related analytical services. Revenue is recognized over-time as access and updates are provided. The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 19:
| Exchanges Segment |  | Fixed Income and Data Services Segment |  | Mortgage Technology Segment |  | Total Consolidated
Year ended December 31, 2025 |  |  |  |  |  |  |
Total revenues(1) | $ | 8,120 |  |  | $ | 2,419 |  |  | $ | 2,101 |  |  | $ | 12,640 |
Transaction-based expenses | 2,709 |  |  | — |  |  | — |  |  | 2,709 |
Total revenues, less transaction-based expenses | $ | 5,411 |  |  | $ | 2,419 |  |  | $ | 2,101 |  |  | $ | 9,931 |
Timing of Revenue Recognition |  |  |  |  |  |  |
Services transferred at a point in time | $ | 3,327 |  |  | $ | 427 |  |  | $ | 514 |  |  | $ | 4,268 |
Services transferred over time | 2,084 |  |  | 1,992 |  |  | 1,587 |  |  | 5,663 |
Total revenues, less transaction-based expenses | $ | 5,411 |  |  | $ | 2,419 |  |  | $ | 2,101 |  |  | $ | 9,931 |
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $102 million and $107 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
| Exchanges Segment |  | Fixed Income and Data Services Segment |  | Mortgage Technology Segment |  | Total Consolidated
Year ended December 31, 2024 |  |  |  |  |  |  |
Total revenues(1) | $ | 7,441 |  |  | $ | 2,298 |  |  | $ | 2,022 |  |  | $ | 11,761 |
Transaction-based expenses | 2,482 |  |  | — |  |  | — |  |  | 2,482 |
Total revenues, less transaction-based expenses | $ | 4,959 |  |  | $ | 2,298 |  |  | $ | 2,022 |  |  | $ | 9,279 |
Timing of Revenue Recognition |  |  |  |  |  |  |
Services transferred at a point in time | $ | 3,030 |  |  | $ | 427 |  |  | $ | 451 |  |  | $ | 3,908 |
Services transferred over time | 1,929 |  |  | 1,871 |  |  | 1,571 |  |  | 5,371 |
Total revenues, less transaction-based expenses | $ | 4,959 |  |  | $ | 2,298 |  |  | $ | 2,022 |  |  | $ | 9,279 |
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $100 million and $137 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
| Exchanges Segment |  | Fixed Income and Data Services Segment |  | Mortgage Technology Segment |  | Total Consolidated
Year ended December 31, 2023 |  |  |  |  |  |  |
Total revenues(1) | $ | 6,355 |  |  | $ | 2,231 |  |  | $ | 1,317 |  |  | $ | 9,903 |
Transaction-based expenses | 1,915 |  |  | — |  |  | — |  |  | 1,915 |
Total revenues, less transaction-based expenses | $ | 4,440 |  |  | $ | 2,231 |  |  | $ | 1,317 |  |  | $ | 7,988 |
Timing of Revenue Recognition |  |  |  |  |  |  |
Services transferred at a point in time | $ | 2,576 |  |  | $ | 453 |  |  | $ | 341 |  |  | $ | 3,370 |
Services transferred over time | 1,864 |  |  | 1,778 |  |  | 976 |  |  | 4,618 |
Total revenues, less transaction-based expenses | $ | 4,440 |  |  | $ | 2,231 |  |  | $ | 1,317 |  |  | $ | 7,988 |
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $84 million and $157 million recorded in Exchanges and Fixed Income and Data Services segments, respectively. The Exchanges segment and the Fixed Income and Data Services segment revenues above include data services revenues. Our data services revenues are transferred over time, and a majority of those revenues are performed over a short period of time of one month or less and relate to subscription-based data services billed monthly, quarterly or annually in advance. These revenues are recognized ratably over time as our data delivery performance obligations are met consistently throughout the period. The Exchanges segment revenues transferred over time in the tables above also include services related to listings, risk management of open interest performance obligations and regulatory fees, trading permits, and software licenses. The Fixed Income and Data Services segment revenues transferred over time in the tables above also include services related to risk management of open interest performance obligations, primarily in our CDS business. The Mortgage Technology segment revenues transferred over time in the tables above primarily relate to our origination and servicing technology revenue where performance obligations consist of a series of distinct services and are recognized over the contract terms as performance obligations are satisfied and, to a lesser extent, professional services revenues and revenues from certain of our data and analytics offerings. The components of services transferred over time for each of our segments are as follows:
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
Exchanges Segment: |  |  |  |  |
Data services revenues | $ | 1,031 |  |  | $ | 947 |  |  | $ | 933 |
Services transferred over time related to risk management of open interest performance obligations | 423 |  |  | 376 |  |  | 312 |
Services transferred over time related to listings | 495 |  |  | 489 |  |  | 497 |
Services transferred over time related to regulatory fees, trading permits, and software licenses | 135 |  |  | 117 |  |  | 122 |
Total | $ | 2,084 |  |  | $ | 1,929 |  |  | $ | 1,864 |
Fixed Income Data Services Segment: |  |  |  |  |
Data services revenues | $ | 1,956 |  |  | $ | 1,838 |  |  | $ | 1,747 |
Services transferred over time related to risk management of open interest performance obligations in our CDS business | 36 |  |  | 33 |  |  | 31 |
Total | $ | 1,992 |  |  | $ | 1,871 |  |  | $ | 1,778 |
Mortgage Technology Segment: |  |  |  |  |
Recurring revenues | $ | 1,574 |  |  | $ | 1,555 |  |  | $ | 961 |
Other | 13 |  |  | 16 |  |  | 15 |
Total | $ | 1,587 |  |  | $ | 1,571 |  |  | $ | 976 |
Total consolidated revenues transferred over time | $ | 5,663 |  |  | $ | 5,371 |  |  | $ | 4,618 |
Transaction Price Allocated to Future Performance Obligations Our disclosure of transaction price allocated to future performance obligations excludes the following: •Volume-based fees in excess of contractual minimums and other usage-based fees to the extent they are part of a single performance obligation and meet certain variable consideration allocation criteria; •Performance obligations that are part of a contract with an original expected duration of one year or less; and •Transactional fees based on a fixed fee per transaction when we have the right to invoice once we have completed the performance obligation. As of December 31, 2025, the aggregate amount of the transaction price that is allocated to our future performance obligations was approximately $3.4 billion and was primarily related to contracts with customers in the Mortgage Technology segment. We expect this amount to be recognized as revenue as follows: 37% by December 31, 2026, 81% by December 31, 2028, 96% by December 31, 2030 and the rest thereafter. Contract Assets Substantially all of our contract assets are related to contracts with customers in our Mortgage Technology segment. As of December 31, 2025 and December 31, 2024, the balance of our contract assets was $89 million and $87 million, respectively. Deferred Revenue Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $292 million as of December 31, 2025, including $204 million in current deferred revenue and $88 million in other non-current liabilities in our consolidated balance sheets. Total deferred revenue was $333 million as of December 31, 2024, including $236 million in current deferred revenue and $97 million in other non-current liabilities in our consolidated balance sheets. See Note 5 for a description of our listings, data services and mortgage technology services revenues and the revenue recognition policy for each of these revenue streams. 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 |
Included in the amortization recognized in 2025 is $225 million related to the deferred revenue balance as of January 1, 2025. Included in the amortization recognized in 2024 is $196 million related to the deferred revenue balance as of January 1, 2024. As of December 31, 2025, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations. 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 The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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