XML 40 R4.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Total revenues $ 1,141.7 $ 1,055.7 $ 3,510.2 $ 2,986.9
Cost of revenues:        
Total cost of revenues 536.2 523.7 1,752.2 1,439.0
Revenues less cost of revenues 605.5 532.0 1,758.0 1,547.9
Operating expenses:        
Compensation and benefits 129.2 119.1 373.3 350.5
Depreciation and amortization 30.9 31.8 91.1 100.9
Technology support services 26.6 25.5 78.9 74.3
Professional fees and outside services 21.6 21.9 67.2 69.2
Travel and promotional expenses 12.0 12.6 26.6 29.4
Facilities costs 6.4 5.9 19.6 18.5
Acquisition-related costs 0.2 0.0 0.4 1.2
Impairment of assets 4.5 0.0 21.6 81.0
Other expenses 3.8 7.8 16.0 23.0
Total operating expenses 235.2 224.6 694.7 748.0
Operating income 370.3 307.4 1,063.3 799.9
Non-operating income (expense) :        
Interest expense (13.3) (12.8) (39.0) (38.6)
Interest income 14.3 11.4 34.0 20.1
Earnings on investments, net 52.7 1.0 48.3 29.2
Other income (expense), net 6.1 2.0 8.3 (6.5)
Income before income tax provision 430.1 309.0 1,114.9 804.1
Income tax provision 129.3 90.5 328.4 235.7
Net income 300.8 218.5 786.5 568.4
Net income allocated to participating securities (1.5) (1.1) (3.9) (3.0)
Net income allocated to participating securities (1.5) (1.1) (3.9) (3.0)
Net income allocated to common stockholders 299.3 217.4 782.6 565.4
Net income allocated to common stockholders $ 299.3 $ 217.4 $ 782.6 $ 565.4
Basic earnings per share (in USD per share) $ 2.86 $ 2.08 $ 7.47 $ 5.38
Diluted earnings per share (in USD per share) $ 2.85 $ 2.07 $ 7.45 $ 5.36
Basic weighted average shares outstanding (in shares) 104.6 104.7 104.7 105.2
Diluted weighted average shares outstanding (in shares) 104.9 105.1 105.1 105.6
Cash and spot markets        
Revenues:        
Total revenues $ 415.0 $ 434.1 $ 1,403.5 $ 1,201.4
Data Vantage        
Revenues:        
Total revenues 162.1 145.6 472.9 427.9
Derivatives markets        
Revenues:        
Total revenues 564.6 476.0 1,633.8 1,357.6
Liquidity payments        
Cost of revenues:        
Total cost of revenues 453.3 317.6 1,266.1 963.4
Routing and clearing        
Cost of revenues:        
Total cost of revenues 20.0 17.4 60.3 50.0
Section 31 fees        
Cost of revenues:        
Total cost of revenues 0.0 129.5 238.4 249.3
Royalty fees and other cost of revenues        
Cost of revenues:        
Total cost of revenues $ 62.9 $ 59.2 $ 187.4 $ 176.3