v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Financial data for our business segments is as follows for the six and three months ended June 30, 2026 and 2025 (in millions):
Six Months Ended June 30, 2026
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$1,332 $— $— $1,332 
Agricultural and metals futures and options168 — — 168 
Financial futures and options448 — — 448 
Cash equities and equity options1,897 — — 1,897 
OTC and other 213 — — 213 
Data and connectivity services564 — — 564 
Listings257 — — 257 
Fixed income execution— 62 — 62 
CDS clearing— 195 — 195 
Fixed income data and analytics— 655 — 655 
Data and network technology— 390 — 390 
Origination technology— — 389 389 
Closing solutions— — 122 122 
Servicing software— — 448 448 
Data and analytics— — 137 137 
Revenues4,879 1,302 1,096 7,277 
Transaction-based expenses1,634 — — 1,634 
Revenues, less transaction-based expenses3,245 1,302 1,096 5,643 
Other operating expenses636 587 538 1,761 
Depreciation and amortization126 171 476 773 
Acquisition-related transaction and integration costs2 1 50 53 
Operating expenses764 759 1,064 2,587 
Operating income$2,481 $543 $32 $3,056 
Total other income/(expense), net128 
Income before income tax expense$3,184 
Three Months Ended June 30, 2026
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$518 $— $— $518 
Agricultural and metals futures and options87 — — 87 
Financial futures and options192 — — 192 
Cash equities and equity options1,085 — — 1,085 
OTC and other111 — — 111 
Data and connectivity services287 — — 287 
Listings129 — — 129 
Fixed income execution— 31 — 31 
CDS clearing— 83 — 83 
Fixed income data and analytics— 333 — 333 
Data and network technology— 198 — 198 
Origination technology— — 197 197 
Closing solutions— — 65 65 
Servicing software— — 226 226 
Data and analytics— — 69 69 
Revenues2,409 645 557 3,611 
Transaction-based expenses945 — — 945 
Revenues, less transaction-based expenses1,464 645 557 2,666 
Other operating expenses321 289 264 874 
Depreciation and amortization64 87 238 389 
Acquisition-related transaction and integration costs1 1 10 12 
Operating expenses386 377 512 1,275 
Operating income$1,078 $268 $45 $1,391 
Total other income/(expense), net(104)
Income before income tax expense$1,287 
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