Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

REVENUE FROM CONTRACTS WITH

CUSTOMERS

Disaggregation of Revenue

The following tables summarize the disaggregation of

revenue by major product and service and by segment for the

three and six months ended June 30, 2026 and 2025:

	Three Months Ended June 30,
	2026	2025
	(in millions)
Capital Access Platforms:
Data & Listing Services	$217	$198
Index	271	196
Workflow & Insights	133	126
Financial Technology:
Financial Crime Management Technology	98	81
Regulatory Technology	120	104
Capital Markets Technology	321	279
Market Services, net	340	306
Other revenues	—	16
Revenues less transaction-based expenses	$1,500	$1,306
	Six Months Ended June 30,
	2026	2025
	(in millions)
Capital Access Platforms
Data & Listing Services	$431	$391
Index	491	388
Workflow & Insights	264	249
Financial Technology
Financial Crime Management Technology	191	157
Regulatory Technology	238	206
Capital Markets Technology	628	533
Market Services, net	657	587
Other revenues	8	32
Revenues less transaction-based expenses	$2,908	$2,543

Substantially all revenues from the Capital Access Platforms

and Financial Technology segments were recognized over

time for the three and six months ended June 30, 2026 and

2025. Substantially all revenues from our Market Services

segment were recognized at a point in time for the same

periods.

Contract Balances

Substantially all of our revenues are considered to be

revenues from contracts with customers. The related accounts

receivable balances are recorded in the Condensed

Consolidated Balance Sheets as receivables, which are net of

allowance for doubtful accounts of $13 million as of June 30,

2026 and $11 million as of December 31, 2025. Changes to

the allowance for doubtful accounts during the six months

ended June 30, 2026 were not material to our condensed

consolidated financial statements. We do not have obligations

for warranties, returns or refunds to customers.

Deferred revenue represents consideration received that is yet

to be recognized as revenue for unsatisfied performance

obligations and is the only significant contract asset or

liability as of June 30, 2026. See Note 7, “Deferred

Revenue,” for our discussion on deferred revenue balances,

activity, and expected timing of recognition.

We do not provide disclosures about the transaction price

allocated to unsatisfied performance obligations if contract

durations are less than one year. For our initial listings, the

transaction price allocated to remaining performance

obligations is included in deferred revenue, and therefore not

included below. For our Financial Crime Management

Technology, Regulatory Technology, Capital Markets

Technology and Workflow & Insights contracts, the portion

of transaction price allocated to unsatisfied performance

obligations is presented in the table below. The timing in the

table below is based on our best estimates as, for certain

contracts, the recognition is primarily dependent upon the

completion of customization and any significant

modifications made pursuant to existing contracts. To the

extent consideration has been received, unsatisfied

performance obligations would be included in the table below

as well as deferred revenue.

The following table summarizes the amount of the

transaction price allocated to performance obligations that are

unsatisfied, for contract durations greater than one year, as of

June 30, 2026:

	Financial Crime Management Technology	Regulatory Technology	Capital Markets Technology	Workflow & Insights	Total
	(in millions)
Remainder of 2026	$186	$183	$207	$95	$671
2027	329	320	348	135	1,132
2028	219	241	280	66	806
2029	104	136	175	32	447
2030	29	91	114	22	256
2031+	6	43	253	—	302
Total	$873	$1,014	$1,377	$350	$3,614

DEFERRED REVENUE

Deferred revenue represents consideration received that is yet

to be recognized as revenue. The changes in our deferred

revenue during the six months ended June 30, 2026 are

reflected in the following table: 

	Balance at December 31, 2025	Additions	Revenue Recognized	Foreign Currency Translation	Balance at June 30, 2026
Capital Access Platforms:			(in millions)
Initial Listings	$96	$28	$(20)	$(1)	$103
Annual Listings	3	199	(1)	(1)	200
Workflow & Insights	199	135	(126)	—	208
Other	24	11	(7)	(1)	27
Financial Technology:
Financial Crime Management Technology	189	133	(130)	—	192
Regulatory Technology	166	82	(107)	—	141
Capital Markets Technology	196	59	(103)	(3)	149
Total	$873	$647	$(494)	$(6)	$1,020

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.

•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.

As of June 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	$22	$33	$21	$13	$9	$5	$103
Annual Listings	200	—	—	—	—	—	200
Workflow & Insights	156	52	—	—	—	—	208
Other	11	8	5	3	—	—	27
Financial Technology:
Financial Crime Management Technology	143	46	2	1	—	—	192
Regulatory Technology	110	31	—	—	—	—	141
Capital Markets Technology	113	31	3	2	—	—	149
Total	$755	$201	$31	$19	$9	$5	$1,020

In the preceding table, 2026 represents the remaining six

months of 2026.

Deferred revenue that will be recognized beyond June 30,

2027 is included in other non-current liabilities in the

Condensed Consolidated Balance Sheets. The timing of

recognition of deferred revenue related to certain contracts

represents our best estimates as the recognition is primarily

dependent upon the completion of customization and any

significant modifications made pursuant to existing contracts.