v3.26.3
Business Segments (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Operating Segments 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
Schedule of Corporate Items 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)
Schedule of Revenue and Property and Equipment, By Geographic Area 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
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