Business Segments (Tables)

The following tables present certain information regarding our business segments for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,
	2025		2024
	(in millions)
Capital Access Platforms
Total revenues	$	546	$	501
Direct and directly consumed expenses	175		173
Other expenses	46		38
Operating income	$	325	$	290
Depreciation and amortization	11		10
Purchase of property and equipment	18		16
Financial Technology
Total revenues	$	457	$	405
Direct and directly consumed expenses	220		203
Other expenses	31		20
Operating income	$	206	$	182
Depreciation and amortization	14		10
Purchase of property and equipment	37		27
Market Services
Total revenues	$	946	$	1,022
Transaction-based expenses	(643)		(756)
Revenues less transaction-based expenses	303		266
Direct and directly consumed expenses	84		85
Other expenses	22		20
Operating income	$	197	$	161
Depreciation and amortization	11		10
Purchase of property and equipment	14		14
Corporate Items
Total revenues	$	9	$	(26)
Other expenses	151		159
Operating loss	$	(142)	$	(185)
Amortization of acquired intangible assets	122		123
Consolidated
Total revenues	$	1,958	$	1,902
Transaction-based expenses	(643)		(756)
Revenues less transaction-based expenses	$	1,315	$	1,146
Direct and directly consumed expenses	479		461
Other expenses	250		237
Operating income	$	586	$	448
Depreciation and amortization	158		153
Purchase of property and equipment	69		57











































	Nine Months Ended September 30,
	2025		2024
	(in millions)
Capital Access Platforms
Total revenues	$	1,588	$	1,460
Direct and directly consumed expenses	523		498
Other expenses	127		122
Operating income	$	938	$	840

Depreciation and amortization	34		31
Purchase of property and equipment	46		37
Financial Technology
Total revenues	$	1,352	$	1,217
Direct and directly consumed expenses	646		595
Other expenses	87		66
Operating income	$	619	$	556

Depreciation and amortization	38		31
Purchase of property and equipment	89		71
Market Services
Total revenues	$	3,171	$	2,700
Transaction-based expenses	(2,281)		(1,948)
Revenues less transaction-based expenses	$	890	$	752
Direct and directly consumed expenses	264		250
Other expenses	62		63
Operating income	$	564	$	439

Depreciation and amortization	34		30
Purchase of property and equipment	42		39
Corporate Items
Total revenues	$	27	$	(7)
Other expenses	446		547
Operating loss	$	(419)	$	(554)

Amortization of acquired intangible assets	365		368

Consolidated
Total revenues	$	6,138	$	5,370
Transaction-based expenses	(2,281)		(1,948)
Revenues less transaction-based expenses	$	3,857	$	3,422
Direct and directly consumed expenses	1,433		1,343
Other expenses	722		798
Operating income	$	1,702	$	1,281

Depreciation and amortization	471		460
Purchase of property and equipment	177		147


	Three Months Ended September 30,
	2025		2024
	(in millions)
Revenues:
Divestiture	$	9	$	8
Adenza purchase accounting adjustment	—		(34)
Expenses:
Amortization expense of acquired intangible assets	122		122
Merger and strategic initiatives expense	9		10
Restructuring charges	12		22

Legal and regulatory matters	1		—


Expenses - divestiture	5		4
Other	2		1
Total expenses	$	151	$	159
Operating loss	$	(142)	$	(185)


	Nine Months Ended September 30,
	2025		2024
	(in millions)
Revenues:
Divestiture	$	27	$	27
Adenza purchase accounting adjustment	—		(34)
Expenses:
Amortization expense of acquired intangible assets	365		366
Merger and strategic initiatives expense	53		23
Restructuring charges	27		103

Legal and regulatory matters	3		16
Gain on extinguishment of debt	(19)		—
Pension settlement charge	—		23
Expenses - divestiture	13		12
Other	4		4
Total expenses	$	446	$	547
Operating loss	$	(419)	$	(554)

The following tables present total gross revenues by geographic area for the three and nine months ended September 30, 2025 and 2024. Revenues are classified based upon the location of the customer.


	Three Months Ended September 30,
	2025		2024
	(in millions)
United States	$	1,562	$	1,549
All other countries	396		353
Total	$	1,958	$	1,902

	Nine Months Ended September 30,
	2025		2024
	(in millions)
United States	$	4,947	$	4,261
All other countries	1,191		1,109
Total	$	6,138	$	5,370

No single customer accounted for 10.0% or more of our revenues for the three and nine months ended September 30, 2025 and 2024.

The following table presents property and equipment, net by geographic area as of September 30, 2025 and December 31, 2024. Property and equipment information is based on the physical location of the assets.


(in millions)	September 30, 2025		December 31, 2024
United States	$	454	$	425
All other countries	235		168
Total	$	689	$	593