Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income		$ 1,026	$ 846
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		331	313
Share-based compensation		87	81
Deferred income tax expense		12	12
Net gain on divestitures		(89)	(39)
Net income from unconsolidated investees		(47)	(50)
Other reconciling items included in net income		25	(9)
Net change in operating assets and liabilities, excluding the effects of divestitures:
Receivables, net		(248)	145
Other assets		94	84
Accounts payable and accrued expenses		(27)	(30)
Section 31 fees payable to SEC		313	92
Accrued personnel costs		(117)	(60)
Deferred revenue		153	118
Other liabilities		(113)	(94)
Net cash provided by operating activities		1,400	1,409
Cash flows from investing activities:
Purchases of securities		(499)	(200)
Proceeds from sales and redemptions of securities		322	325
Proceeds from divestitures, net of cash divested		89	52
Purchases of property and equipment		(137)	(108)
Investments related to default funds and margin deposits, net	[1]	540	(375)
Other investing activities		(14)	(11)
Net cash provided by (used in) investing activities		301	(317)
Cash flows from financing activities:
Issuance of commercial paper, net		269	0
Repayments of debt and credit commitment		(431)	(657)
Repurchases of common stock		(903)	(215)
Dividends paid		(327)	(293)
Proceeds from issuance of stock under employee stock plans		47	28
Payments related to employee shares withheld for taxes		(68)	(59)
Default funds and margin deposits		(3,347)	(1,350)
Other financing activities		(7)	1
Net cash used in financing activities		(4,767)	(2,545)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(68)	648
Net decrease in cash and cash equivalents and restricted cash and cash equivalents		(3,134)	(805)
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period		3,934	5,006
Cash and cash equivalents, restricted cash and cash equivalents at end of period		800	4,201
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and cash equivalents		520	732
Restricted cash and cash equivalents		26	195
Restricted cash and cash equivalents (default funds and margin deposits)		254	3,274
Total		800	4,201
Supplemental Disclosure - Cash Flow Information
Interest paid		194	209
Income taxes paid, net of refunds		$ 284	$ 176

[1] See "Default Fund Contributions and Margin Deposits," of Note 14, "Clearing Operations," for further details.