v3.25.3
Deferred Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Changes in Deferred 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.
Schedule of Estimated Deferred Revenue
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.