v3.26.3
Deferred Revenue (Tables)
9 Months Ended
Sep. 30, 2026
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, 2026
are reflected in the following table: 
 
Balance at
December
31, 2025
Additions
Revenue
Recognized
Adjustments
Balance at
September
30, 2026
Capital Access Platforms:
(in millions)
Initial Listings
$96
$37
$(30)
$(1)
$102
Annual
Listings
3
102
(2)
(1)
102
Workflow &
Insights
199
179
(173)
2
207
Other
24
11
(10)
(1)
24
Financial Technology:
Financial
Crime
Management
Technology
189
166
(167)
—
188
Regulatory
Technology
166
138
(145)
—
159
Capital
Markets
Technology
196
76
(141)
(3)
128
Total
$873
$709
$(668)
$(4)
$910
In the above table:
•Additions include 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.
•Adjustments include the impact from foreign currency
translation adjustments and the impact of any acquisitions
or divestitures completed during the period.
•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, 2026, we estimate that our deferred
revenue will be recognized in the following years:
Fiscal year
ended:
2026
2027
2028
2029
2030
2031+
Total
Capital Access Platforms:
(in millions)
Initial
Listings
$11
$36
$24
$15
$10
$6
$102
Annual
Listings
102
—
—
—
—
—
102
Workflow &
Insights
95
112
—
—
—
—
207
Other
6
9
5
3
1
—
24
Financial Technology:
Financial
Crime
Management
Technology
84
100
3
1
—
—
188
Regulatory
Technology
67
90
1
1
—
—
159
Capital
Markets
Technology
63
59
4
2
—
—
128
Total
$428
$406
$37
$22
$11
$6
$910
In the preceding table, 2026 represents the remaining three
months of 2026.