v3.25.4
Segment Reporting
 12 Months Ended
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
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$2,182 $— $— $2,182 
Agricultural and metals futures and options233 — — 233 
Financial futures and options608 — — 608 
Cash equities and equity options3,176 — — 3,176 
OTC and other 395 — — 395 
Data and connectivity services1,031 — — 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 
Revenues8,120 2,419 2,101 12,640 
Transaction-based expenses2,709 — — 2,709 
Revenues, less transaction-based expenses5,411 2,419 2,101 9,931 
Other operating expenses1,172 1,140 1,060 3,372 
Depreciation and amortization255 344 961 1,560 
Acquisition-related transaction and integration costs2 2 66 70 
Operating expenses1,429 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
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$1,876 $— $— $1,876 
Agricultural and metals futures and options257 — — 257 
Financial futures and options559 — — 559 
Cash equities and equity options2,913 — — 2,913 
OTC and other400 — — 400 
Data and connectivity services947 — — 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 
Revenues7,441 2,298 2,022 11,761 
Transaction-based expenses2,482 — — 2,482 
Revenues, less transaction-based expenses4,959 2,298 2,022 9,279 
Other operating expenses1,063 1,129 1,137 3,329 
Depreciation and amortization260 326 951 1,537 
Acquisition-related transaction and integration costs— — 104 104 
Operating expenses1,323 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
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$1,498 $— $— $1,498 
Agricultural and metals futures and options271 — — 271 
Financial futures and options460 — — 460 
Cash equities and equity options2,298 — — 2,298 
OTC and other 398 — — 398 
Data and connectivity services933 — — 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 
Revenues6,355 2,231 1,317 9,903 
Transaction-based expenses1,915 — — 1,915 
Revenues, less transaction-based expenses4,440 2,231 1,317 7,988 
Other operating expenses1,033 1,079 698 2,810 
Depreciation and amortization248 341 626 1,215 
Acquisition-related transaction and integration costs— — 269 269 
Operating expenses1,281 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 StatesForeign CountriesTotal
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.