Business Segments

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

We manage, operate and provide our products and services in

three business segments: Capital Access Platforms, Financial

Technology and Market Services. See Note 1, “Organization

and Nature of Operations,” for further discussion of our

reportable segments.

Our management allocates resources, assesses performance

and manages these businesses as three separate segments. We

evaluate the performance of our segments based on several

factors, of which the primary financial measure is operating

income. Our chief operating decision maker, or CODM, who

is our Chair and Chief Executive Officer, does not review

total assets or statements of income below operating income

by segments as key performance metrics; therefore, such

information is not presented below.

The following tables present certain information regarding

our business segments for the three months ended June 30,

2026 and 2025:

	Capital Access Platforms	Financial Technology	Market Services	Corporate	Total
June 30, 2026		(in millions)
Total revenues	$621	$539	$1,372	$—	$2,532
Transaction- based expenses	—	—	(1,032)	—	(1,032)
Revenues less transaction- based expenses	621	539	340	—	1,500
Directly consumed expenses	185	255	100	—	540
Other expenses	42	34	22	150	248
Operating income	$394	$250	$218	$(150)	$712
Depreciation and amortization	12	20	11	122	165
Purchases of property and equipment	15	35	27	—	77
	Capital Access Platforms	Financial Technology	Market Services	Corporate	Total
June 30, 2025
Total revenues	$520	$464	$1,101	$16	$2,101
Transaction- based expenses	—	—	(795)	—	(795)
Revenues less transaction- based expenses	520	464	306	16	1,306
Directly consumed expenses	172	220	92	—	484
Other expenses	41	27	20	166	254
Operating income	$307	$217	$194	$(150)	$568
Depreciation and amortization	11	13	11	123	158
Purchases of property and equipment	15	29	15	—	59

The following tables present certain information regarding

our business segments for the six months ended June 30,

2026 and 2025:

	Capital Access Platforms	Financial Technology	Market Services	Corporate	Total
June 30, 2026		(in millions)
Total revenues	$1,186	$1,057	$2,419	$8	$4,670
Transaction- based expenses	—	—	(1,762)	—	(1,762)
Revenues less transaction- based expenses	1,186	1,057	657	8	2,908
Directly consumed expenses	356	488	192	—	1,036
Other expenses	87	73	46	297	503
Operating income	$743	$496	$419	$(289)	$1,369
Depreciation and amortization	39	23	25	244	331
Purchases of property and equipment	31	68	38	—	137
	Capital Access Platforms	Financial Technology	Market Services	Corporate	Total
June 30, 2025
Total revenues	$1,028	$896	$2,240	$32	$4,196
Transaction- based expenses	—	—	(1,653)	—	(1,653)
Revenues less transaction- based expenses	1,028	896	587	32	2,543
Directly consumed expenses	333	426	180	—	939
Other expenses	81	56	40	312	489
Operating income	$614	$414	$367	$(280)	$1,115
Depreciation and amortization	21	25	22	245	313
Purchases of property and equipment	28	51	29	—	108

Directly consumed expenses in the table above include both

direct costs and costs of shared resources consumed by the

segment for revenue-generating activities. Other expenses

include indirect overhead costs allocated to our segments.

Other expenses also include expenses allocated to our

Corporate segment. The following tables summarize

revenues and expenses allocated to our Corporate segment:

	Three Months Ended June 30,
	2026	2025
Revenues:	(in millions)
Divestitures of businesses	$—	$16
Expenses:
Amortization expense of acquired intangible assets	121	122
Merger and strategic initiatives expense	5	20
Restructuring charges	14	9
Legal and regulatory matters	6	1
Expenses - divestitures	3	13
Other	1	1
Total expenses	$150	$166
Operating loss	$(150)	$(150)

	Six Months Ended June 30,
	2026	2025
Revenues:	(in millions)
Divestitures of businesses	$8	$32
Expenses:
Amortization expense of acquired intangible assets	243	243
Merger and strategic initiatives expense	9	44
Restructuring charges	24	15
Legal and regulatory matters	12	4
Gain on extinguishment of debt	—	(19)
Expenses - divestitures	8	24
Other	1	1
Total expenses	$297	$312
Operating loss	$(289)	$(280)

For further discussion of our segments’ results, see “Segment

Operating Results,” of “Part I, Item 2. Management’s

Discussion and Analysis of Financial Condition and Results

of Operations.”

The items in the preceding table are not included in the

measurement of segment profitability reviewed by our

CODM, as we believe they do not contribute to a meaningful

evaluation of a particular segment’s ongoing operating

performance. Management does not consider these items for

the purpose of evaluating the performance of our segments or

their managers or when making decisions to allocate

resources. Therefore, we believe performance measures

excluding the below items provide management with a useful

representation of our segments’ ongoing activity in each

period. These items, which are presented in the table above,

include the following:

•Revenues and expenses - divestitures: These amounts

reflect the revenues and expenses associated with our

Nordic power futures business, where we entered into an

agreement to transfer open interest in January 2025 and

completed this transfer in March 2026, and the sale of our

Solovis business in October 2025. See Note 4,

“Divestitures,” for further discussion of this transaction.

•Amortization expense of acquired intangible assets: We

amortize intangible assets acquired in connection with

various acquisitions. Intangible asset amortization expense

can vary from period to period due to episodic acquisitions

completed, rather than from our ongoing business

operations. As such, if intangible asset amortization is

included in performance measures, it is more difficult to

assess the day-to-day operating performance of the

segments, and the relative operating performance of the

segments between periods.

•Merger and strategic initiatives expense: We have pursued

various strategic initiatives and completed acquisitions and

divestitures in recent years that have resulted in expenses

which would not have otherwise been incurred. These

expenses generally include integration costs, as well as

legal, due diligence and other third-party transaction costs.

The frequency and the amount of such expenses vary

significantly based on the size, timing and complexity of

the transactions.

◦For the three and six months ended June 30, 2026, these

costs included amounts associated with various strategic

initiative costs. For the three and six months ended June

30, 2025, these costs primarily included amounts

associated with the transfer of open positions in our

Nordic power futures business, Adenza integration costs

and other strategic initiative costs.

•Restructuring charges: See Note 19, “Restructuring

Charges,” for further discussion of the restructuring

program.

•Legal and regulatory matters: For the three and six months

ended June 30, 2026 and 2025, this includes accruals

relating to certain legal matters, which are recorded in

professional and contract services in the Condensed

Consolidated Statements of Income.

•Gain on extinguishment of debt: This gain is recorded in

general, administrative and other expense in the Condensed

Consolidated Statements of Income.

Geographic Data

The following tables present total gross revenues by

geographic area for the three and six months ended June 30,

2026 and 2025. Revenues are classified based upon the

location of the customer.

	Three Months Ended June 30,
(in millions)	2026	2025
United States	$1,905	$1,699
All other countries	627	402
Total	$2,532	$2,101
	Six Months Ended June 30,
(in millions)	2026	2025
United States	$3,437	$3,401
All other countries	1,233	795
Total	$4,670	$4,196

No single customer accounted for 10.0% or more of our

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

and 2025.

The following table presents property and equipment, net by

geographic area as of June 30, 2026 and December 31, 2025.

Property and equipment information is based on the physical

location of the assets.

(in millions)	June 30, 2026	December 31, 2025
United States	$520	$500
All other countries	247	228
Total	$767	$728

Property and equipment, net for all other countries primarily

includes assets held in Sweden.