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.


	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