Business Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Operating Segments

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

Schedule of Corporate Items

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)

Schedule of Revenue and Property and Equipment, By Geographic Area

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

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