v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 738.8 $ 485.7
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 57.6 60.2
Provision (benefit) for deferred income taxes 53.0 (19.1)
Stock-based compensation expense 28.5 25.7
Impairment of assets 0.0 17.1
Equity loss on investments 0.0 6.6
Gain on minority investments (9.9) (0.1)
Other loss (gain) adjustments, net 0.1 (0.9)
Changes in assets and liabilities:    
Accounts receivable (195.7) 28.1
Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, default fund, and interoperability fund) 943.2 555.6
Income taxes receivable (9.3) 33.3
Other current assets (1.6) (10.9)
Other assets 8.9 27.1
Accounts payable and accrued liabilities (282.0) (55.9)
Section 31 fees payable 155.3 56.4
Deferred revenue 6.9 4.1
Income taxes payable (43.9) (1.0)
Unrecognized tax benefits 7.6 37.9
Other liabilities (0.7) (3.3)
Net cash flows provided by operating activities 1,456.8 1,246.6
Cash flows from investing activities:    
Purchases of available-for-sale financial investments (73.8) (174.8)
Proceeds from maturities of available-for-sale financial investments 0.0 70.3
Proceeds from investments 1.5 4.6
Proceeds from sale of intangible assets 0.0 0.8
Contributions to investments 0.0 (2.5)
Purchases of property and equipment, data processing software, and leasehold improvements, net (52.3) (35.0)
Net cash flows used in investing activities (124.6) (136.6)
Cash flows used in financing activities:    
Cash dividends on common stock (151.5) (132.8)
Repurchases of common stock from employee stock plans (30.0) (23.6)
Shares issued under employee stock purchase plan 5.0 4.8
Purchase of common stock, including commissions and excise taxes (75.3) (66.7)
Net cash flows used in financing activities (251.8) (218.3)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents (25.9) 299.4
Increase in cash, cash equivalents, and restricted cash and cash equivalents 1,054.5 1,191.1
Beginning of period 3,868.8 1,765.8
End of period 4,923.3 2,956.9
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents:    
Cash and cash equivalents 2,276.2 1,256.3
Cash and cash equivalents (included in assets held for sale) 70.3 0.0
Restricted cash and cash equivalents (included in margin deposits, default fund, and interoperability fund) 2,538.5 1,668.5
Restricted cash and cash equivalents (included in assets held for sale) 6.1 0.0
Restricted cash and cash equivalents (included in other current assets) 28.4 30.2
Customer bank deposits (included in margin deposits, default fund, and interoperability fund) 3.8 1.9
Total 4,923.3 2,956.9
Supplemental disclosure of cash transactions:    
Cash paid for income taxes, net of refunds 577.3 148.6
Cash paid for interest 51.9 46.6
Supplemental disclosure of noncash investing and financing activities:    
Accrued purchases of data processing software 1.8 0.0
Unsettled purchases of common stock 2.6 0.0
Excise tax on purchase of common stock $ 0.2 $ 0.2