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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Summarized Financial Data of Reportable Segments | Summarized financial data of reportable segments were as follows (in millions):
| Three Months Ended September 30,
| 2025
| Options |  | North American Equities |  | Europe and Asia Pacific |  | Futures |  | Global FX |  | Digital (e) |  | Corporate Items and Eliminations |  | Total
Revenues | $ | 616.0 |  |  | $ | 377.8 |  |  | $ | 92.8 |  |  | $ | 32.0 |  |  | $ | 23.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,141.7 |
Cost of revenues | 235.2 |  |  | 274.3 |  |  | 23.7 |  |  | 2.4 |  |  | 0.6 |  |  | — |  |  | — |  |  | 536.2 |
Revenues less cost of revenues | 380.8 |  |  | 103.5 |  |  | 69.1 |  |  | 29.6 |  |  | 22.5 |  |  | — |  |  | — |  |  | 605.5 |
Depreciation and amortization | 7.6 |  |  | 11.7 |  |  | 8.2 |  |  | 0.6 |  |  | 2.8 |  |  | — |  |  | — |  |  | 30.9 |
Other segment operating expenses (a) | 98.8 |  |  | 38.3 |  |  | 44.5 |  |  | 12.2 |  |  | 8.2 |  |  | — |  |  | 2.3 |  |  | 204.3 |
Operating income (loss) | $ | 274.4 |  |  | $ | 53.5 |  |  | $ | 16.4 |  |  | $ | 16.8 |  |  | $ | 11.5 |  |  | $ | — |  |  | $ | (2.3) |  |  | $ | 370.3 |
Non-operating income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (b) | $ | — |  |  | $ | — |  |  | $ | (2.4) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (10.9) |  |  | $ | (13.3) |
Interest income (b) | 0.2 |  |  | 0.9 |  |  | 1.1 |  |  | 0.6 |  |  | — |  |  | — |  |  | 11.5 |  |  | 14.3 |
Earnings on investments, net (b) | — |  |  | 0.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 52.3 |  |  | 52.7 |
Other income, net (b) | 0.2 |  |  | 0.2 |  |  | 1.4 |  |  | — |  |  | — |  |  | — |  |  | 4.3 |  |  | 6.1 |
Income before income tax provision | 274.8 |  |  | 55.0 |  |  | 16.5 |  |  | 17.4 |  |  | 11.5 |  |  | — |  |  | 54.9 |  |  | 430.1 |
Income tax provision (c) | — |  |  | 1.0 |  |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | 128.0 |  |  | 129.3 |
Net income (loss) (d) | $ | 274.8 |  |  | $ | 54.0 |  |  | $ | 16.2 |  |  | $ | 17.4 |  |  | $ | 11.5 |  |  | $ | — |  |  | $ | (73.1) |  |  | $ | 300.8 |
| Three Months Ended September 30,
| 2024
| Options |  | North American Equities |  | Europe and Asia Pacific |  | Futures |  | Global FX |  | Digital (e) |  | Corporate Items and Eliminations |  | Total
Revenues | $ | 510.3 |  |  | $ | 403.6 |  |  | $ | 81.1 |  |  | $ | 39.9 |  |  | $ | 20.7 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 1,055.7 |
Cost of revenues | 189.4 |  |  | 305.6 |  |  | 25.5 |  |  | 1.9 |  |  | 0.7 |  |  | 0.6 |  |  | — |  |  | 523.7 |
Revenues less cost of revenues | 320.9 |  |  | 98.0 |  |  | 55.6 |  |  | 38.0 |  |  | 20.0 |  |  | (0.5) |  |  | — |  |  | 532.0 |
Depreciation and amortization | 6.6 |  |  | 14.1 |  |  | 7.2 |  |  | 0.6 |  |  | 3.1 |  |  | 0.1 |  |  | 0.1 |  |  | 31.8 |
Other segment operating expenses (a) | 93.1 |  |  | 39.8 |  |  | 37.1 |  |  | 8.0 |  |  | 7.7 |  |  | 5.6 |  |  | 1.5 |  |  | 192.8 |
Operating income (loss) | $ | 221.2 |  |  | $ | 44.1 |  |  | $ | 11.3 |  |  | $ | 29.4 |  |  | $ | 9.2 |  |  | $ | (6.2) |  |  | $ | (1.6) |  |  | $ | 307.4 |
Non-operating income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (b) | $ | — |  |  | $ | — |  |  | $ | (1.9) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (10.9) |  |  | $ | (12.8) |
Interest income (b) | 0.1 |  |  | 0.7 |  |  | 1.1 |  |  | — |  |  | — |  |  | 0.9 |  |  | 8.6 |  |  | 11.4 |
Earnings on investments, net (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.0 |  |  | 1.0 |
Other (expense) income, net (b) | (0.2) |  |  | — |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.1 |  |  | 1.8 |  |  | 2.0 |
Income (loss) before income tax provision (benefit) | 221.1 |  |  | 44.8 |  |  | 10.8 |  |  | 29.4 |  |  | 9.2 |  |  | (5.2) |  |  | (1.1) |  |  | 309.0 |
Income tax provision (benefit) (c) | — |  |  | 0.7 |  |  | (0.6) |  |  | — |  |  | — |  |  | — |  |  | 90.4 |  |  | 90.5 |
Net income (loss) (d) | $ | 221.1 |  |  | $ | 44.1 |  |  | $ | 11.4 |  |  | $ | 29.4 |  |  | $ | 9.2 |  |  | $ | (5.2) |  |  | $ | (91.5) |  |  | $ | 218.5 |
Summarized financial data of reportable segments were as follows (in millions) (continued from previous page):
| Nine Months Ended September 30,
| 2025
| Options |  | North American Equities |  | Europe and Asia Pacific |  | Futures |  | Global FX |  | Digital (e) |  | Corporate Items and Eliminations |  | Total
Revenues | $ | 1,776.4 |  |  | $ | 1,279.7 |  |  | $ | 284.9 |  |  | $ | 99.8 |  |  | $ | 69.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,510.2 |
Cost of revenues | 678.4 |  |  | 983.2 |  |  | 81.3 |  |  | 7.3 |  |  | 2.0 |  |  | — |  |  | — |  |  | 1,752.2 |
Revenues less cost of revenues | 1,098.0 |  |  | 296.5 |  |  | 203.6 |  |  | 92.5 |  |  | 67.4 |  |  | — |  |  | — |  |  | 1,758.0 |
Depreciation and amortization | 21.5 |  |  | 35.2 |  |  | 24.2 |  |  | 1.7 |  |  | 8.4 |  |  | — |  |  | 0.1 |  |  | 91.1 |
Other segment operating expenses (a) | 284.3 |  |  | 116.1 |  |  | 136.2 |  |  | 36.3 |  |  | 24.7 |  |  | — |  |  | 6.0 |  |  | 603.6 |
Operating income (loss) | $ | 792.2 |  |  | $ | 145.2 |  |  | $ | 43.2 |  |  | $ | 54.5 |  |  | $ | 34.3 |  |  | $ | — |  |  | $ | (6.1) |  |  | $ | 1,063.3 |
Non-operating income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (b) | $ | — |  |  | $ | — |  |  | $ | (6.2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (32.8) |  |  | $ | (39.0) |
Interest income (b) | 0.6 |  |  | 2.5 |  |  | 3.2 |  |  | 1.8 |  |  | 0.1 |  |  | — |  |  | 25.8 |  |  | 34.0 |
Earnings on investments, net (b) | — |  |  | 1.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47.3 |  |  | 48.3 |
Other (expense) income, net (b) | (1.2) |  |  | (1.0) |  |  | 1.1 |  |  | — |  |  | 0.2 |  |  | — |  |  | 9.2 |  |  | 8.3 |
Income before income tax provision (benefit) | 791.6 |  |  | 147.7 |  |  | 41.3 |  |  | 56.3 |  |  | 34.6 |  |  | — |  |  | 43.4 |  |  | 1,114.9 |
Income tax provision (benefit) (c) | 0.1 |  |  | 2.7 |  |  | 1.3 |  |  | — |  |  | (0.1) |  |  | — |  |  | 324.4 |  |  | 328.4 |
Net income (loss) (d) | $ | 791.5 |  |  | $ | 145.0 |  |  | $ | 40.0 |  |  | $ | 56.3 |  |  | $ | 34.7 |  |  | $ | — |  |  | $ | (281.0) |  |  | $ | 786.5 |
| Nine Months Ended September 30,
| 2024
| Options |  | North American Equities |  | Europe and Asia Pacific |  | Futures |  | Global FX |  | Digital (e) |  | Corporate Items and Eliminations |  | Total
Revenues | $ | 1,470.0 |  |  | $ | 1,106.5 |  |  | $ | 243.4 |  |  | $ | 107.2 |  |  | $ | 60.0 |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | 2,986.9 |
Cost of revenues | 535.0 |  |  | 817.6 |  |  | 79.4 |  |  | 3.9 |  |  | 1.8 |  |  | 1.3 |  |  | — |  |  | 1,439.0 |
Revenues less cost of revenues | 935.0 |  |  | 288.9 |  |  | 164.0 |  |  | 103.3 |  |  | 58.2 |  |  | (1.5) |  |  | — |  |  | 1,547.9 |
Depreciation and amortization | 20.1 |  |  | 44.2 |  |  | 21.7 |  |  | 1.8 |  |  | 10.4 |  |  | 2.6 |  |  | 0.1 |  |  | 100.9 |
Other segment operating expenses (a) | 261.3 |  |  | 117.3 |  |  | 111.6 |  |  | 23.7 |  |  | 22.8 |  |  | 102.6 |  |  | 7.8 |  |  | 647.1 |
Operating income (loss) | $ | 653.6 |  |  | $ | 127.4 |  |  | $ | 30.7 |  |  | $ | 77.8 |  |  | $ | 25.0 |  |  | $ | (106.7) |  |  | $ | (7.9) |  |  | $ | 799.9 |
Non-operating income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (b) | $ | 0.1 |  |  | $ | — |  |  | $ | (5.9) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (32.8) |  |  | $ | (38.6) |
Interest income (b) | 0.1 |  |  | 1.5 |  |  | 3.0 |  |  | — |  |  | — |  |  | 3.1 |  |  | 12.4 |  |  | 20.1 |
Earnings on investments, net (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 29.2 |
Other income (expense), net (b) | 0.6 |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | 1.6 |  |  | (8.6) |  |  | (6.5) |
Income (loss) before income tax provision (benefit) | 654.4 |  |  | 129.0 |  |  | 27.7 |  |  | 77.8 |  |  | 24.9 |  |  | (102.0) |  |  | (7.7) |  |  | 804.1 |
Income tax provision (benefit) (c) | — |  |  | 2.4 |  |  | (2.2) |  |  | — |  |  | — |  |  | — |  |  | 235.5 |  |  | 235.7 |
Net income (loss) (d) | $ | 654.4 |  |  | $ | 126.6 |  |  | $ | 29.9 |  |  | $ | 77.8 |  |  | $ | 24.9 |  |  | $ | (102.0) |  |  | $ | (243.2) |  |  | $ | 568.4 |
__________________________________________________________ (a) 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, impairment of assets, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level. (b) Non-operating income (expenses) at the segment-level is not regularly provided to the CODM, however non-operating income (expenses) is a component of a measure that is regularly provided to the CODM, and therefore have been disclosed separately. (c) 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 therefore has been disclosed separately. (d) 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. (e) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 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 September 30, 2025 | $ | 527.6 |  |  | $ | 77.9 |  |  | $ | 605.5 |
Three months ended September 30, 2024 | 468.2 |  |  | 63.8 |  |  | 532.0 |
| United States |  | Non-U.S. |  | Total
Revenues less cost of revenues: |  |  |  |  |
Nine months ended September 30, 2025 | $ | 1,527.7 |  |  | $ | 230.3 |  |  | $ | 1,758.0 |
Nine months ended September 30, 2024 | 1,357.9 |  |  | 190.0 |  |  | 1,547.9 |

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- 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. + References No definition available. + Details
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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 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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