Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Changes in Deferred 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.

Schedule of Estimated Deferred Revenue

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.