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REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of disaggregated revenue contract types

The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the consolidated statements of income (in millions):

			Cash and Spot Markets						Data Vantage						Derivatives Markets						Total
Year Ended December 31, 2025
Transaction and clearing fees			$	1,483.1					$	—					$	2,114.5					$	3,597.6
Access and capacity fees			—						408.7						—						408.7
Market data fees			66.2						223.9						36.5						326.6
Regulatory fees			196.0						—						89.4						285.4
Other revenue			89.5						2.9						3.5						95.9
			$	1,834.8					$	635.5					$	2,243.9					$	4,714.2
			Cash and Spot Markets						Data Vantage						Derivatives Markets						Total
Year Ended December 31, 2024
Transaction and clearing fees			$	1,196.3					$	—					$	1,708.3					$	2,904.6
Access and capacity fees			—						369.8						—						369.8
Market data fees			60.4						203.9						30.5						294.8
Regulatory fees			320.2						—						106.1						426.3
Other revenue			93.1						2.9						3.0						99.0
			$	1,670.0					$	576.6					$	1,847.9					$	4,094.5
			Cash and Spot Markets						Data Vantage						Derivatives Markets						Total
Year Ended December 31, 2023
Transaction and clearing fees			$	1,149.7					$	—					$	1,681.6					$	2,831.3
Access and capacity fees			—						347.5						—						347.5
Market data fees			71.3						188.7						33.7						293.7
Regulatory fees			153.8						—						69.9						223.7
Other revenue			70.3						3.0						4.0						77.3
			$	1,445.1					$	539.2					$	1,789.2					$	3,773.5

Schedule of disaggregation of revenue according to segment

The following table depicts the disaggregation of revenue according to segment (in millions):

			Options						North American Equities						Europe and Asia Pacific						Futures						Global FX						Digital (1)						Total
Year Ended December 31, 2025
Transaction and clearing fees			$	2,011.5					$	1,193.3					$	209.9					$	103.0					$	79.9					$	—					$	3,597.6
Access and capacity fees			184.8						144.4						45.8						22.6						11.1						—						408.7
Market data fees			142.2						129.7						43.0						10.0						1.7						—						326.6
Regulatory fees			89.3						196.0						—						0.1						—						—						285.4
Other revenue			5.8						8.9						79.9						0.2						1.1						—						95.9
			$	2,433.6					$	1,672.3					$	378.6					$	135.9					$	93.8					$	—					$	4,714.2
Timing of revenue recognition
Services transferred at a point in time			$	2,106.6					$	1,398.2					$	289.8					$	103.3					$	81.0					$	—					$	3,978.9
Services transferred over time			327.0						274.1						88.8						32.6						12.8						—						735.3
			$	2,433.6					$	1,672.3					$	378.6					$	135.9					$	93.8					$	—					$	4,714.2
Year Ended December 31, 2024
Transaction and clearing fees			$	1,599.0					$	970.5					$	159.6					$	109.2					$	66.6					$	(0.3)					$	2,904.6
Access and capacity fees			168.4						127.7						40.3						22.4						11.0						—						369.8
Market data fees			123.8						120.8						39.4						9.3						1.5						—						294.8
Regulatory fees			105.9						320.2						—						0.2						—						—						426.3
Other revenue			5.5						7.6						84.9						—						0.8						0.2						99.0
			$	2,002.6					$	1,546.8					$	324.2					$	141.1					$	79.9					$	(0.1)					$	4,094.5
Timing of revenue recognition
Services transferred at a point in time			$	1,710.4					$	1,298.3					$	244.5					$	109.4					$	67.4					$	(0.1)					$	3,429.9
Services transferred over time			292.2						248.5						79.7						31.7						12.5						—						664.6
			$	2,002.6					$	1,546.8					$	324.2					$	141.1					$	79.9					$	(0.1)					$	4,094.5
Year Ended December 31, 2023
Transaction and clearing fees			$	1,583.7					$	946.3					$	145.6					$	98.0					$	62.2					$	(4.5)					$	2,831.3
Access and capacity fees			161.0						117.1						36.3						22.0						10.7						0.4						347.5
Market data fees			118.8						128.3						36.7						8.5						1.4						—						293.7
Regulatory fees			69.6						153.8						—						0.3						—						—						223.7
Other revenue			6.4						7.5						62.6						0.2						0.6						—						77.3
			$	1,939.5					$	1,353.0					$	281.2					$	129.0					$	74.9					$	(4.1)					$	3,773.5
Timing of revenue recognition
Services transferred at a point in time			$	1,659.7					$	1,107.6					$	208.2					$	98.5					$	62.8					$	(4.5)					$	3,132.3
Services transferred over time			279.8						245.4						73.0						30.5						12.1						0.4						641.2
			$	1,939.5					$	1,353.0					$	281.2					$	129.0					$	74.9					$	(4.1)					$	3,773.5

________________________________________________________

(1)The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 and 2023 have been retained in the former Digital segment for comparative purposes. See Note 16 (“Segment Reporting”) for additional information.

Schedule of revenue recognized from contract liabilities and the remaining balance

The revenue recognized from contract liabilities and the remaining balance is shown below (in millions):

			Balance at December 31, 2024						Cash Additions						Revenue Recognized						Balance at December 31, 2025
Liquidity provider sliding scale (1)			$	2.4					$	7.2					$	(7.2)					$	2.4
Other, net (2)			4.2						17.0						(16.7)						4.5
Total deferred revenue			$	6.6					$	24.2					$	(23.9)					$	6.9

________________________________________________________

(1)Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.

(2)Other, net deferred revenue represents cash received for unsatisfied performance obligations of liability classified contract liabilities that have yet to be recognized as revenue in the consolidated statements of income, which include but are not limited to: licensing fees, listing fees, adjustments related to ORF, membership fees, and data subscription fees.

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Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

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