Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

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
			Exchanges						Fixed Income and Data Services						Mortgage Technology						Consolidated
Revenues:
Energy futures and options			$	557					$	—					$	—					$	557
Agricultural and metals futures and options			64						—						—						64
Financial futures and options			156						—						—						156
Cash equities and equity options			875						—						—						875
OTC and other			103						—						—						103
Data and connectivity services			246						—						—						246
Listings			122						—						—						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
Revenues			2,123						596						510						3,229
Transaction-based expenses			756						—						—						756
Revenues, less transaction-based expenses			1,367						596						510						2,473
Other operating expenses			290						277						264						831
Depreciation and amortization			63						84						242						389
Acquisition-related transaction and integration costs			1						—						31						32
Operating expenses			354						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
			Exchanges						Fixed Income and Data Services						Mortgage Technology						Consolidated
Revenues:
Energy futures and options			$	457					$	—					$	—					$	457
Agricultural and metals futures and options			72						—						—						72
Financial futures and options			135						—						—						135
Cash equities and equity options			610						—						—						610
OTC and other			103						—						—						103
Data and connectivity services			235						—						—						235
Listings			122						—						—						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
Revenues			1,734						568						499						2,801
Transaction-based expenses			511						—						—						511
Revenues, less transaction-based expenses			1,223						568						499						2,290
Other operating expenses			256						274						280						810
Depreciation and amortization			70						80						231						381
Acquisition-related transaction and integration costs			—						—						36						36
Operating expenses			326						354						547						1,227
Operating income/(loss)			$	897					$	214					$	(48)					$	1,063
Total other income/(expense), net																					(99)
Income before income tax expense																					$	964