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SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summarized Financial Data of Reportable Segments

Summarized financial data of reportable segments was as follows (in millions):

			Three Months Ended March 31,
			2025
			Options						North American Equities						Europe and Asia Pacific						Futures						Global FX						Digital (g)						Corporate Items and Eliminations						Total
Revenues			$	584.6					$	460.1					$	93.1					$	35.3					$	21.9					$	—					$	—					$	1,195.0
Cost of revenues			232.2						365.5						29.0						2.5						0.6						—						—						629.8
Revenues less cost of revenues (a)			352.4						94.6						64.1						32.8						21.3						—						—						565.2
Depreciation and amortization (b)			6.9						12.0						7.9						0.6						2.9						—						—						30.3
Other segment operating expenses (c)			87.6						38.2						34.2						11.6						8.1						—						1.3						181.0
Operating income (loss)			$	257.9					$	44.4					$	22.0					$	20.6					$	10.3					$	—					$	(1.3)					$	353.9
Non-operating (expenses) income:
Interest expense (d)			$	—					$	—					$	(1.8)					$	—					$	—					$	—					$	(11.0)					$	(12.8)
Interest income (d)			0.2						0.7						1.1						0.6						—						—						5.8						8.4
(Loss) earnings on investments, net (d)			—						0.3						—						—						—						—						(3.6)						(3.3)
Other income (expense), net (d)			—						(0.6)						(0.2)						—						0.2						—						4.6						4.0
Income (loss) before income tax provision (benefit)			258.1						44.8						21.1						21.2						10.5						—						(5.5)						350.2
Income tax provision (benefit) (e)			0.1						0.9						—						—						(0.1)						—						98.7						99.6
Net income (loss) (f)			$	258.0					$	43.9					$	21.1					$	21.2					$	10.6					$	—					$	(104.2)					$	250.6

Summarized financial data of reportable segments was as follows (in millions) (continued from previous page):

			Three Months Ended March 31,
			2024
			Options						North American Equities						Europe and Asia Pacific						Futures						Global FX						Digital (g)						Corporate Items and Eliminations						Total
Revenues			$	477.4					$	349.6					$	80.7					$	31.4					$	18.8					$	(0.7)					$	—					$	957.2
Cost of revenues			170.0						257.0						26.6						0.9						0.4						0.2						—						455.1
Revenues less cost of revenues (a)			307.4						92.6						54.1						30.5						18.4						(0.9)						—						502.1
Depreciation and amortization (b)			7.1						15.8						7.9						0.6						4.1						1.8						—						37.3
Other segment operating expenses (c)			83.5						38.8						36.0						7.8						7.7						7.5						1.1						182.4
Operating income (loss)			$	216.8					$	38.0					$	10.2					$	22.1					$	6.6					$	(10.2)					$	(1.1)					$	282.4
Non-operating income (expenses):
Interest expense (d)			$	0.1					$	—					$	(2.1)					$	—					$	—					$	—					$	(11.0)					$	(13.0)
Interest income (d)			—						0.3						0.9						—						—						1.1						1.8						4.1
Earnings on investments, net (d)			—						—						—						—						—						—						14.0						14.0
Other income (expense), net (d)			(0.2)						—						(0.2)						—						(0.1)						0.5						4.6						4.6
Income (loss) before income tax provision			216.7						38.3						8.8						22.1						6.5						(8.6)						8.3						292.1
Income tax provision (e)			—						0.8						0.3						—						—						—						81.5						82.6
Net income (loss) (f)			$	216.7					$	37.5					$	8.5					$	22.1					$	6.5					$	(8.6)					$	(73.2)					$	209.5

__________________________________________________________

(a) Revenues less cost of revenues by segment is a measure that is regularly provided to the CODM, as well as a component of operating income (loss).

(b) Depreciation and amortization at the segment-level is not regularly provided to the CODM, however depreciation and amortization is a component of operating income (loss) and identified as a "specific profit or loss" item in accordance with ASU 2023-07, and therefore has been disclosed separately.

(c) Other segment operating expenses includes compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level.

(d) Non-operating (expenses) income at the segment-level is not regularly provided to the CODM, however non-operating (expenses) income is a component of a measure that is regularly provided to the CODM and the components of non-operating (expenses) income included above are identified as "specific profit or loss" items in accordance with ASU 2023-07, and therefore have been disclosed separately.

(e) Income tax provision (benefit) at the segment-level is not regularly provided to the CODM, however income tax provision (benefit) is a component of a measure that is regularly provided to the CODM and identified as a "specific profit or loss" item in accordance with ASU 2023-07, and therefore has been disclosed separately.

(f) Net income (loss) at the segment-level is not regularly provided to the CODM, however net income (loss) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.

(g) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from the first quarter of 2024 have been retained in the former Digital segment for comparative purposes. See Note 1 ("Organization and Basis of Presentation") for additional information.

Schedule of Revenues Less Cost of Revenues by Primary Jurisdiction

The following summarizes revenues less cost of revenues based on primary jurisdiction (in millions):

			United States						Non-U.S.						Total
Revenues less cost of revenues:
Three months ended March 31, 2025			$	492.1					$	73.1					$	565.2
Three months ended March 31, 2024			436.5						65.6						502.1

X

- Definition

Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer.

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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

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-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

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