v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 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, depreciation and amortization expense and acquisition-related transaction and integration costs. 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 six months ended June 30, 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 six and three months ended June 30, 2025 and 2024 (in millions):
Six Months Ended June 30, 2025
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$1,152 $— $— $1,152 
Agricultural and metals futures and options129 — — 129 
Financial futures and options314 — — 314 
Cash equities and equity options1,717 — — 1,717 
OTC and other 199 — — 199 
Data and connectivity services501 — — 501 
Listings245 — — 245 
Fixed income execution— 63 — 63 
CDS clearing— 176 — 176 
Fixed income data and analytics— 605 — 605 
Data and network technology— 349 — 349 
Origination technology— — 362 362 
Closing solutions— — 105 105 
Servicing software— — 441 441 
Data and analytics— — 133 133 
Revenues4,257 1,193 1,041 6,491 
Transaction-based expenses1,475 — — 1,475 
Revenues, less transaction-based expenses2,782 1,193 1,041 5,016 
Other operating expenses579 564 529 1,672 
Depreciation and amortization127 170 487 784 
Acquisition-related transaction and integration costs1 — 41 42 
Operating expenses707 734 1,057 2,498 
Operating income/(loss)$2,075 $459 $(16)$2,518 
Total other income/(expense), net(319)
Income before income tax expense$2,199 
Three Months Ended June 30, 2025
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$595 $— $— $595 
Agricultural and metals futures and options65 — — 65 
Financial futures and options158 — — 158 
Cash equities and equity options842 — — 842 
OTC and other96 — — 96 
Data and connectivity services255 — — 255 
Listings123 — — 123 
Fixed income execution— 32 — 32 
CDS clearing— 82 — 82 
Fixed income data and analytics— 306 — 306 
Data and network technology— 177 — 177 
Origination technology— — 187 187 
Closing solutions— — 58 58 
Servicing software— — 220 220 
Data and analytics— — 66 66 
Revenues2,134 597 531 3,262 
Transaction-based expenses719 — — 719 
Revenues, less transaction-based expenses1,415 597 531 2,543 
Other operating expenses289 287 265 841 
Depreciation and amortization64 86 245 395 
Acquisition-related transaction and integration costs— — 10 10 
Operating expenses353 373 520 1,246 
Operating income$1,062 $224 $11 $1,297 
Total other income/(expense), net(165)
Income before income tax expense$1,132 
Six Months Ended June 30, 2024
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$926 $— $— $926 
Agricultural and metals futures and options143 — — 143 
Financial futures and options267 — — 267 
Cash equities and equity options1,301 — — 1,301 
OTC and other 204 — — 204 
Data and connectivity services475 — — 475 
Listings244 — — 244 
Fixed income execution— 56 — 56 
CDS clearing— 171 — 171 
Fixed income data and analytics— 581 — 581 
Data and network technology— 325 — 325 
Origination technology— — 354 354 
Closing solutions— — 96 96 
Servicing software— — 426 426 
Data and analytics— — 129 129 
Revenues3,560 1,133 1,005 5,698 
Transaction-based expenses1,091 — — 1,091 
Revenues, less transaction-based expenses2,469 1,133 1,005 4,607 
Other operating expenses550 550 565 1,665 
Depreciation and amortization132 161 469 762 
Acquisition-related transaction and integration costs— — 51 51 
Operating expenses682 711 1,085 2,478 
Operating income/(loss)$1,787 $422 $(80)$2,129 
Total other income/(expense), net(304)
Income before income tax expense$1,825 
Three Months Ended June 30, 2024
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$469 $— $— $469 
Agricultural and metals futures and options71 — — 71 
Financial futures and options132 — — 132 
Cash equities and equity options691 — — 691 
OTC and other101 — — 101 
Data and connectivity services240 — — 240 
Listings122 — — 122 
Fixed income execution— 30 — 30 
CDS clearing— 78 — 78 
Fixed income data and analytics— 293 — 293 
Data and network technology— 164 — 164 
Origination technology— — 180 180 
Closing solutions— — 52 52 
Servicing software— — 212 212 
Data and analytics— — 62 62 
Revenues1,826 565 506 2,897 
Transaction-based expenses580 — — 580 
Revenues, less transaction-based expenses1,246 565 506 2,317 
Other operating expenses294 276 285 855 
Depreciation and amortization62 81 238 381 
Acquisition-related transaction and integration costs— — 15 15 
Operating expenses356 357 538 1,251 
Operating income/(loss)$890 $208 $(32)$1,066 
Total other income/(expense), net(205)
Income before income tax expense$861 
No customer accounted for more than 10% of our consolidated revenues, less transaction-based expenses during the six and three months ended June 30, 2025 or 2024.