v3.25.2
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Recognition
The following tables depict the disaggregation of our revenues according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 14:
 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Six Months Ended June 30, 2025:
Total revenues (1)
$4,257 $1,193 $1,041 $6,491 
Transaction-based expenses1,475 — — 1,475 
Total revenues, less transaction-based expenses$2,782 $1,193 $1,041 $5,016 
Timing of Revenue Recognition
Services transferred at a point in time$1,746 $220 $243 $2,209 
Services transferred over time1,036 973 798 2,807 
Total revenues, less transaction-based expenses$2,782 $1,193 $1,041 $5,016 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $52 million and $54 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended June 30, 2025:
Total revenues (1)
$2,134 $597 $531 $3,262 
Transaction-based expenses719 — — 719 
Total revenues, less transaction-based expenses$1,415 $597 $531 $2,543 
Timing of Revenue Recognition
Services transferred at a point in time$894 $106 $133 $1,133 
Services transferred over time521 491 398 1,410 
Total revenues, less transaction-based expenses$1,415 $597 $531 $2,543 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $27 million and $28 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.
 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Six Months Ended June 30, 2024:
Total revenues (1)
$3,560 $1,133 $1,005 $5,698 
Transaction-based expenses1,091 — — 1,091 
Total revenues, less transaction-based expenses$2,469 $1,133 $1,005 $4,607 
Timing of Revenue Recognition
Services transferred at a point in time$1,499 $212 $220 $1,931 
Services transferred over time970 921 785 2,676 
Total revenues, less transaction-based expenses$2,469 $1,133 $1,005 $4,607 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $47 million and $72 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended June 30, 2024:
Total revenues (1)
$1,826 $565 $506 $2,897 
Transaction-based expenses580 — — 580 
Total revenues, less transaction-based expenses$1,246 $565 $506 $2,317 
Timing of Revenue Recognition
Services transferred at a point in time$757 $101 $114 $972 
Services transferred over time489 464 392 1,345 
Total revenues, less transaction-based expenses$1,246 $565 $506 $2,317 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $23 million and $34 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.
The components of services transferred over time for each of our segments are as follows (in millions):
Six Months Ended
June 30,
Three Months Ended June 30,
 2025202420252024
Exchanges Segment:
Data services revenues
$501 $475 $255 $240 
Services transferred over time related to risk management of open interest performance obligations
223 187 114 94 
Services transferred over time related to listings245 244 123 122 
Services transferred over time related to regulatory fees, trading permits, and software licenses67 64 29 33 
Total
$1,036 $970 $521 $489 
Fixed Income Data Services Segment:
Data services revenues$954 $906 $483 $457 
Services transferred over time related to risk management of open interest performance obligations in our CDS business19 15 8 7 
Total
$973 $921 $491 $464 
Mortgage Technology Segment:
Recurring revenues$792 $777 $395 $387 
Other6 8 3 5 
Total$798 $785 $398 $392 
Total consolidated revenues transferred over time$2,807 $2,676 $1,410 $1,345