v3.26.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
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