v3.26.3
Business Segments
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
We manage, operate and provide our products and services in
three business segments: Capital Access Platforms, Financial
Technology and Market Services. See Note 1, “Organization
and Nature of Operations,” for further discussion of our
reportable segments.
Our management allocates resources, assesses performance
and manages these businesses as three separate segments. We
evaluate the performance of our segments based on several
factors, of which the primary financial measure is operating
income. Our chief operating decision maker, or CODM, who
is our Chair and Chief Executive Officer, does not review
total assets or statements of income below operating income
by segments as key performance metrics; therefore, such
information is not presented below.
The following tables present certain information regarding
our business segments for the three months ended September
30, 2026 and 2025:
Three Months Ended September 30, 2026
Capital
Access
Platforms
Financial
Technology
Market
Services
Corporate
Total
(in millions)
Total
revenues
$641
$529
$1,221
$2
$2,393
Transaction-
based
expenses
—
—
(912)
—
(912)
Revenues less
transaction-
based
expenses
641
529
309
2
1,481
Directly
consumed
expenses
185
248
98
—
531
Other
expenses
44
35
22
117
218
Operating
income
$412
$246
$189
$(115)
$732
Depreciation
and
amortization
11
21
11
122
165
Purchases of
property and
equipment
14
36
12
—
62
Three Months Ended September 30, 2025
Capital
Access
Platforms
Financial
Technology
Market
Services
Corporate
Total
(in millions)
Total
revenues
$534
$457
$967
$21
$1,979
Transaction-
based
expenses
—
—
(664)
—
(664)
Revenues less
transaction-
based
expenses
534
457
303
21
1,315
Directly
consumed
expenses
162
220
84
—
466
Other
expenses
46
31
22
164
263
Operating
income
$326
$206
$197
$(143)
$586
Depreciation
and
amortization
10
14
11
123
158
Purchases of
property and
equipment
18
37
14
—
69
The following tables present certain information regarding
our business segments for the nine months ended September
30, 2026 and 2025:
Nine Months Ended September 30, 2026
Capital
Access
Platforms
Financial
Technology
Market
Services
Corporate
Total
(in millions)
Total
revenues
$1,820
$1,585
$3,640
$18
$7,063
Transaction-
based
expenses
—
—
(2,675)
—
(2,675)
Revenues less
transaction-
based
expenses
1,820
1,585
965
18
4,388
Directly
consumed
expenses
530
736
290
—
1,556
Other
expenses
131
108
68
424
731
Operating
income
$1,159
$741
$607
$(406)
$2,101
Depreciation
and
amortization
35
60
34
367
496
Purchases of
property and
equipment
45
104
50
—
199
Nine Months Ended September 30, 2025
Capital
Access
Platforms
Financial
Technology
Market
Services
Corporate
Total
(in millions)
Total
revenues
$1,552
$1,352
$3,208
$63
$6,175
Transaction-
based
expenses
—
—
(2,318)
—
(2,318)
Revenues less
transaction-
based
expenses
1,552
1,352
890
63
3,857
Directly
consumed
expenses
483
646
264
—
1,393
Other
expenses
127
87
62
486
762
Operating
income
$942
$619
$564
$(423)
$1,702
Depreciation
and
amortization
29
38
34
370
471
Purchases of
property and
equipment
46
89
42
—
177
The information and amounts presented in the tables above
align with the segment-level information regularly provided
to our CODM. Directly consumed expenses, a significant
expense category, include both direct costs and costs of
shared resources consumed by the segment for revenue-
generating activities. Other expenses include indirect
overhead costs allocated to our segments. Other expenses
also include expenses allocated to our Corporate segment.
The following tables summarize revenues and expenses
allocated to our Corporate segment:
Three Months Ended September 30,
2026
2025
Revenues:
(in millions)
Divestitures of businesses
$2
$21
Expenses:
Amortization expense of
acquired intangible assets
121
122
Merger and strategic
initiatives expense
6
9
Restructuring charges
—
12
Legal and regulatory matters
(16)
1
Expenses - divestitures
6
18
Other
—
2
Total expenses
$117
$164
Operating loss
$(115)
$(143)
Nine Months Ended September 30,
2026
2025
Revenues:
(in millions)
Divestitures of businesses
$18
$63
Expenses:
Amortization expense of
acquired intangible assets
364
365
Merger and strategic
initiatives expense
14
53
Restructuring charges
24
27
Legal and regulatory matters
(3)
3
Gain on extinguishment of
debt
—
(19)
Expenses - divestitures
24
53
Other
1
4
Total expenses
$424
$486
Operating loss
$(406)
$(423)
For further discussion of our segments’ results, see “Segment
Operating Results,” of “Part I, Item 2. Management’s
Discussion and Analysis of Financial Condition and Results
of Operations.”
The items in the preceding table are not included in the
measurement of segment profitability reviewed by our
CODM, as we believe they do not contribute to a meaningful
evaluation of a particular segment’s ongoing operating
performance. Management does not consider these items for
the purpose of evaluating the performance of our segments or
their managers or when making decisions to allocate
resources. Therefore, we believe performance measures
excluding the below items provide management with a useful
representation of our segments’ ongoing activity in each
period. These items, which are presented in the table above,
include the following:
•Revenues and expenses - divestitures: These amounts
reflect the revenues and expenses associated with our
various divestitures. See Note 4, “Acquisitions and
Divestitures,” for further discussion of these transactions.
•Amortization expense of acquired intangible assets: We
amortize intangible assets acquired in connection with
various acquisitions. Intangible asset amortization expense
can vary from period to period due to episodic acquisitions
completed, rather than from our ongoing business
operations. As such, if intangible asset amortization is
included in performance measures, it is more difficult to
assess the day-to-day operating performance of the
segments, and the relative operating performance of the
segments between periods.
•Merger and strategic initiatives expense: We have pursued
various strategic initiatives and completed acquisitions and
divestitures in recent years that have resulted in expenses
which would not have otherwise been incurred. These
expenses generally include integration costs, as well as
legal, due diligence and other third-party transaction costs.
The frequency and the amount of such expenses vary
significantly based on the size, timing and complexity of
the transactions.
◦For the three and nine months ended September 30,
2026, these costs included amounts associated with
various strategic initiative costs. For the three and nine
months ended September 30, 2025, these costs primarily
included amounts associated with the transfer of open
positions in our Nordic power futures business, Adenza
integration costs and other strategic initiative costs.
•Restructuring charges: See Note 19, “Restructuring
Charges,” for further discussion of the restructuring
program.
•Legal and regulatory matters: For the three and nine
months ended September 30, 2026, this includes a
favorable legal settlement, recorded in general,
administrative and other expense in the Condensed
Consolidated Statements of Income. For the three and nine
months ended September 30, 2026 and 2025, this also
includes accruals relating to certain legal matters, which
are recorded in professional and contract services in the
Condensed Consolidated Statements of Income.
•Gain on extinguishment of debt: This gain is recorded in
general, administrative and other expense in the Condensed
Consolidated Statements of Income.
Geographic Data
The following tables present total gross revenues by
geographic area for the three and nine months ended
September 30, 2026 and 2025. Revenues are classified based
upon the location of the customer.
Three Months Ended September 30,
(in millions)
2026
2025
United States
$1,808
$1,583
All other countries
585
396
Total
$2,393
$1,979
Nine Months Ended September 30,
(in millions)
2026
2025
United States
$5,252
$4,984
All other countries
1,811
1,191
Total
$7,063
$6,175
No single customer accounted for 10.0% or more of our
revenues for the three and nine months ended September 30,
2026 and 2025.
The following table presents property and equipment, net by
geographic area as of September 30, 2026 and December 31,
2025. Property and equipment information is based on the
physical location of the assets.
(in millions)
September 30, 2026
December 31, 2025
United States
$531
$500
All other countries
236
228
Total
$767
$728
Property and equipment, net for all other countries primarily
includes assets held in Sweden.