v3.25.3
Deferred Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Deferred Revenue REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following tables summarize the disaggregation of revenue by major product and service and by segment for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,
 
2025
2024
 (in millions)
Capital Access Platforms:
Data & Listing Services$204 $190 
Index206 182 
Workflow & Insights136 129 
Financial Technology:
Financial Crime Management Technology84 69 
Regulatory Technology109 68 
Capital Markets Technology264 234 
Market Services, net303 266 
Other revenues9 8 
Revenues less transaction-based expenses$1,315 $1,146 
Nine Months Ended September 30,
20252024
(in millions)
Capital Access Platforms
Data & Listing Services$594 $562 
Index595 517 
Workflow & Insights399 381 
Financial Technology
Financial Crime Management Technology241 200 
Regulatory Technology315 253 
Capital Markets Technology796 730 
Market Services, net890 752 
Other revenues27 27 
Revenues less transaction-based expenses$3,857 $3,422 
Substantially all revenues from the Capital Access Platforms and Financial Technology segments were recognized over time for the three and nine months ended September 30, 2025 and 2024.
For the three months ended September 30, 2025 and 2024, approximately 95.3% and 94.6%, respectively, of Market Services revenues were recognized at a point in time and 4.7% and 5.4%, respectively, were recognized over time. For the nine months ended September 30, 2025 and 2024, approximately 95.2% and 95.4%, respectively, of Market Services revenues were recognized at a point in time and 4.8% and 4.6%, respectively, were recognized over time.


During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition.
Contract Balances
Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in the Condensed Consolidated Balance Sheets as receivables, which are net of allowance for doubtful accounts of $11 million as of September 30, 2025 and $10 million as of December 31, 2024. Changes to the allowance for doubtful accounts during the nine months ended September 30, 2025 were not material to our condensed consolidated financial statements. We do not have obligations for warranties, returns or refunds to customers.
Deferred revenue represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations and is the only significant contract asset or liability as of September 30, 2025. See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition.
We do not provide disclosures about the transaction price allocated to unsatisfied performance obligations if contract durations are less than one year. For our initial listings, the transaction price allocated to remaining performance obligations is included in deferred revenue, and therefore not included below. For our Financial Crime Management Technology, Regulatory Technology, Capital Markets Technology and Workflow & Insights contracts, the portion of transaction price allocated to unsatisfied performance obligations is presented in the table below. The timing in the table below is based on our best estimates as, for certain contracts, the recognition is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing contracts. To the extent consideration has been received, unsatisfied performance obligations would be included in the table below as well as deferred revenue.
The following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied, for contract durations greater than one year, as of September 30, 2025:
Financial Crime Management TechnologyRegulatory TechnologyCapital Markets TechnologyWorkflow & InsightsTotal
(in millions)
Remainder of 2025
$82 $81 $88 $51 $302 
2026312 276 326 157 1,071 
2027231 205 263 85 784 
2028123 132 194 29 478 
202938 62 121 8 229 
2030+11 51 274 10 346 
Total$797 $807 $1,266 $340 $3,210 
DEFERRED REVENUE
Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the nine months ended September 30, 2025 are reflected in the following table: 
 
Balance at December 31, 2024
AdditionsRevenue RecognizedForeign Currency Translation
Balance at September 30, 2025
(in millions)
Capital Access Platforms:
Initial Listings$89 $30 $(26)$3 $96 
Annual Listings2 92 (1)4 97 
Workflow & Insights194 174 (164)1 205 
Other22 12 (11)3 26 
Financial Technology:
Financial Crime Management Technology148 129 (130)— 147 
Regulatory Technology147 100 (129)1 119 
Capital Markets Technology186 71 (151)5 111 
Total$788 $608 $(612)$17 $801 
In the above table:
•Additions reflect deferred revenue billed in the current period, net of recognition.
•Revenue recognized includes revenue recognized during the current period that was included in the beginning balance.
•Other, within our Capital Access Platforms segment, primarily includes deferred revenue from our non-U.S. listing of additional shares fees and our Index business.
As of September 30, 2025, we estimate that our deferred revenue will be recognized in the following years:
Fiscal year ended:
20252026202720282029
2030+
Total
(in millions)
Capital Access Platforms:
Initial Listings$10 $36 $23 $12 $8 $7 $96 
Annual Listings97 — — — — — 97 
Workflow & Insights96 109 — — — — 205 
Other6 10 6 3 1 — 26 
Financial Technology:
Financial Crime Management Technology68 77 1 1 — — 147 
Regulatory Technology49 70 — — — — 119 
Capital Markets Technology52 55 3 1 — — 111 
Total$378 $357 $33 $17 $9 $7 $801 
In the above table, 2025 represents the remaining three months of 2025.
Deferred revenue that will be recognized beyond September 30, 2026 is included in other non-current liabilities in the Condensed Consolidated Balance Sheets. The timing of recognition of deferred revenue related to certain contracts represents our best estimates as the recognition is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing contracts.