v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our business is conducted through three reportable business segments:
•Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses;
•Fixed Income and Data Services: We provide fixed income pricing, reference data, indices, analytics and execution services as well as global CDS clearing and multi-asset class data delivery technology; and
•Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing and the secondary market.
Our chief operating decision maker, or CODM, is our Chair and Chief Executive Officer. Our CODM uses operating income/(loss) to assess performance and allocate resources for each of our segments, including decisions on product pricing and new products, strategic mergers and acquisitions, marketing costs, capital expenditures, employee headcount and compensation. Our CODM evaluates both budgeted and actual operating income/(loss), and the related growth, when assessing performance and making decisions about allocating resources as described above. The accounting policies of our reportable segments are the same as those described in Note 2 to our consolidated financial statements in our 2024 Form 10-K.
The information and amounts presented in the tables below align with the segment-level information regularly provided to our CODM. While revenues are recorded specifically in the segment in which they are earned or to which they relate, a significant portion of our operating expenses are not solely related to a specific segment because the expenses serve functions that are necessary for the operation of more than one segment. We directly allocate expenses when reasonably possible to do so. Otherwise, we use a pro-rata revenue approach as the allocation method for the expenses that do not relate solely to one segment and serve functions that are necessary for the operation of all segments. Our significant expense categories are other operating expenses, acquisition-related transaction and integration costs and depreciation and amortization expense. Other operating expenses include the aggregate of compensation and benefits, professional services, technology and communication, rent and occupancy and selling, general and administrative expenses.
Our CODM does not review total assets or statements of income below operating income by segment; therefore, such information is not presented below. Our three segments do not engage in intersegment transactions.
During the three months ended March 31, 2025, we changed the caption of a disaggregated revenue line item in our Fixed Income and Data Services segment previously presented as "Other data and network services" to "Data and network technology" within the tables below. This name change was made to better reflect the nature of the revenues included in this caption and did not impact the measurement or classification of revenue included in this caption.
Financial data for our business segments is as follows for the three months ended March 31, 2025 and 2024 (in millions):
Three Months Ended March 31, 2025
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$557 $— $— $557 
Agricultural and metals futures and options64 — — 64 
Financial futures and options156 — — 156 
Cash equities and equity options875 — — 875 
OTC and other 103 — — 103 
Data and connectivity services246 — — 246 
Listings122 — — 122 
Fixed income execution— 31 — 31 
CDS clearing— 94 — 94 
Fixed income data and analytics— 299 — 299 
Data and network technology— 172 — 172 
Origination technology— — 175 175 
Closing solutions— — 47 47 
Servicing software— — 221 221 
Data and analytics— — 67 67 
Revenues2,123 596 510 3,229 
Transaction-based expenses756 — — 756 
Revenues, less transaction-based expenses1,367 596 510 2,473 
Other operating expenses290 277 264 831 
Depreciation and amortization63 84 242 389 
Acquisition-related transaction and integration costs1 — 31 32 
Operating expenses354 361 537 1,252 
Operating income/(loss)$1,013 $235 $(27)$1,221 
Total other income/(expense), net(154)
Income before income tax expense$1,067 
Three Months Ended March 31, 2024
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$457 $— $— $457 
Agricultural and metals futures and options72 — — 72 
Financial futures and options135 — — 135 
Cash equities and equity options610 — — 610 
OTC and other 103 — — 103 
Data and connectivity services235 — — 235 
Listings122 — — 122 
Fixed income execution— 26 — 26 
CDS clearing— 93 — 93 
Fixed income data and analytics— 288 — 288 
Data and network technology— 161 — 161 
Origination technology— — 174 174 
Closing solutions— — 44 44 
Servicing software— — 214 214 
Data and analytics— — 67 67 
Revenues1,734 568 499 2,801 
Transaction-based expenses511 — — 511 
Revenues, less transaction-based expenses1,223 568 499 2,290 
Other operating expenses256 274 280 810 
Depreciation and amortization70 80 231 381 
Acquisition-related transaction and integration costs— — 36 36 
Operating expenses326 354 547 1,227 
Operating income/(loss)$897 $214 $(48)$1,063 
Total other income/(expense), net(99)
Income before income tax expense$964 
No customer accounted for more than 10% of our consolidated revenues, less transaction-based expenses during the three months ended March 31, 2025 or 2024.