v3.25.4

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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

Schedule of Geographical Segments

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

X

- Definition

Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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