v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
15.    Segment Reporting
Our business is conducted through three reportable business segments:
•Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses;
•Fixed Income and Data Services: We provide fixed income pricing, reference data, indices, analytics and execution services as well as global CDS clearing and multi-asset class data delivery technology; and
•Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle, from application through closing, servicing and the secondary market.
Our chief operating decision maker, or CODM, is our Chair and Chief Executive Officer. Our CODM uses operating income to assess performance and allocate resources for each of our segments, including decisions on product pricing and new products, strategic mergers and acquisitions, marketing costs, capital expenditures, employee headcount and compensation. Our CODM evaluates both budgeted and actual operating income, and the related growth, when assessing performance and making decisions about allocating resources as described above. The accounting policies of our reportable segments are the same as those described in Note 2 to our consolidated financial statements in our 2025 Form 10-K.
The information and amounts presented in the tables below align with the segment-level information regularly provided to our CODM. While revenues are recorded specifically in the segment in which they are earned or to which they relate, a significant portion of our operating expenses are not solely related to a specific segment because the expenses serve functions that are necessary for the operation of more than one segment. We directly allocate expenses when reasonably possible to do so. Otherwise, we use a pro-rata revenue approach as the allocation method for the expenses that do not relate solely to one segment and serve functions that are necessary for the operation of all segments. Our significant expense categories are other operating expenses, depreciation and amortization expenses and acquisition-related
transaction and integration costs. Other operating expenses include the aggregate of compensation and benefits, professional services, technology and communication, rent and occupancy and selling, general and administrative expenses.
Our CODM does not review total assets or statements of income below operating income by segment; therefore, such information is not presented below. Our three segments do not engage in intersegment transactions.
Financial data for our business segments is as follows for the nine and three months ended September 30, 2026 and 2025 (in millions):
Nine Months Ended September 30, 2026
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$1,935 $— $— $1,935 
Agricultural and metals futures and options251 — — 251 
Financial futures and options638 — — 638 
Cash equities and equity options2,894 — — 2,894 
OTC and other 325 — — 325 
Data and connectivity services856 — — 856 
Listings387 — — 387 
Fixed income execution— 96 — 96 
CDS clearing— 297 — 297 
Fixed income data and analytics— 991 — 991 
Data and network technology— 592 — 592 
Origination technology— — 578 578 
Closing solutions— — 182 182 
Servicing software— — 677 677 
Data and analytics— — 208 208 
Revenues7,286 1,976 1,645 10,907 
Transaction-based expenses2,499 — — 2,499 
Revenues, less transaction-based expenses4,787 1,976 1,645 8,408 
Other operating expenses960 900 808 2,668 
Depreciation and amortization191 260 721 1,172 
Acquisition-related transaction and integration costs3 28 71 102 
Operating expenses1,154 1,188 1,600 3,942 
Operating income$3,633 $788 $45 $4,466 
Total other income/(expense), net(40)
Income before income tax expense$4,426 
Three Months Ended September 30, 2026
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$603 $— $— $603 
Agricultural and metals futures and options83 — — 83 
Financial futures and options190 — — 190 
Cash equities and equity options997 — — 997 
OTC and other112 — — 112 
Data and connectivity services292 — — 292 
Listings130 — — 130 
Fixed income execution— 34 — 34 
CDS clearing— 102 — 102 
Fixed income data and analytics— 336 — 336 
Data and network technology— 202 — 202 
Origination technology— — 189 189 
Closing solutions— — 60 60 
Servicing software— — 229 229 
Data and analytics— — 71 71 
Revenues2,407 674 549 3,630 
Transaction-based expenses865 — — 865 
Revenues, less transaction-based expenses1,542 674 549 2,765 
Other operating expenses324 313 270 907 
Depreciation and amortization65 89 245 399 
Acquisition-related transaction and integration costs1 27 21 49 
Operating expenses390 429 536 1,355 
Operating income$1,152 $245 $13 $1,410 
Total other income/(expense), net(168)
Income before income tax expense$1,242 
Nine Months Ended September 30, 2025
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$1,634 $— $— $1,634 
Agricultural and metals futures and options180 — — 180 
Financial futures and options453 — — 453 
Cash equities and equity options2,418 — — 2,418 
OTC and other 298 — — 298 
Data and connectivity services765 — — 765 
Listings370 — — 370 
Fixed income execution— 96 — 96 
CDS clearing— 266 — 266 
Fixed income data and analytics— 916 — 916 
Data and network technology— 533 — 533 
Origination technology— — 550 550 
Closing solutions— — 163 163 
Servicing software— — 657 657 
Data and analytics— — 199 199 
Revenues6,118 1,811 1,569 9,498 
Transaction-based expenses2,071 — — 2,071 
Revenues, less transaction-based expenses4,047 1,811 1,569 7,427 
Other operating expenses872 850 791 2,513 
Depreciation and amortization191 256 724 1,171 
Acquisition-related transaction and integration costs1 2 48 51 
Operating expenses1,064 1,108 1,563 3,735 
Operating income$2,983 $703 $6 $3,692 
Total other income/(expense), net(412)
Income before income tax expense$3,280 
Three Months Ended September 30, 2025
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$482 $— $— $482 
Agricultural and metals futures and options51 — — 51 
Financial futures and options139 — — 139 
Cash equities and equity options701 — — 701 
OTC and other99 — — 99 
Data and connectivity services264 — — 264 
Listings125 — — 125 
Fixed income execution— 33 — 33 
CDS clearing— 90 — 90 
Fixed income data and analytics— 311 — 311 
Data and network technology— 184 — 184 
Origination technology— — 188 188 
Closing solutions— — 58 58 
Servicing software— — 216 216 
Data and analytics— — 66 66 
Revenues1,861 618 528 3,007 
Transaction-based expenses596 — — 596 
Revenues, less transaction-based expenses1,265 618 528 2,411 
Other operating expenses293 286 262 841 
Depreciation and amortization64 86 237 387 
Acquisition-related transaction and integration costs— 2 7 9 
Operating expenses357 374 506 1,237 
Operating income$908 $244 $22 $1,174 
Total other income/(expense), net(93)
Income before income tax expense$1,081 
No customer accounted for more than 10% of our consolidated revenues, less transaction-based expenses during the nine and three months ended September 30, 2026 or 2025.