SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

Summarized financial data of reportable segments

Summarized financial data of reportable segments were as follows (in millions):


	Year Ended December 31,
	2025
	Options		North American Equities		Europe and Asia Pacific		Futures		Global FX		Digital (e)		Corporate Items and Eliminations		Total
Revenues	$	2,433.6	$	1,672.3	$	378.6	$	135.9	$	93.8	$	—	$	—	$	4,714.2
Cost of revenues	902.5		1,265.1		105.1		9.7		2.7		—		—		2,285.1
Revenues less cost of revenues	1,531.1		407.2		273.5		126.2		91.1		—		—		2,429.1

Depreciation and amortization	29.3		47.0		32.4		2.3		11.2		—		0.2		122.4
Other segment operating expenses (a)	388.5		172.1		187.2		50.0		33.9		—		7.9		839.6
Operating income (loss)	$	1,113.3	$	188.1	$	53.9	$	73.9	$	46.0	$	—	$	(8.1)	$	1,467.1

Non-operating income (expenses):
Interest expense (b)	$	—	$	—	$	(8.6)	$	—	$	—	$	—	$	(43.7)	$	(52.3)
Interest income (b)	1.1		3.3		4.3		2.4		0.1		—		38.2		49.4
Earnings on investments, net (b)	—		0.9		—		—		—		—		91.9		92.8
Other (expense) income, net (b)	(1.4)		(1.2)		1.7		—		0.2		—		10.3		9.6
Income before income tax provision (benefit)	1,113.0		191.1		51.3		76.3		46.3		—		88.6		1,566.6
Income tax provision (benefit) (c)	373.7		27.2		18.7		12.9		(0.1)		—		34.2		466.6
Net income (d)	$	739.3	$	163.9	$	32.6	$	63.4	$	46.4	$	—	$	54.4	$	1,100.0

	Year Ended December 31,
	2024
	Options		North American Equities		Europe and Asia Pacific		Futures		Global FX		Digital (e)		Corporate Items and Eliminations		Total
Revenues	$	2,002.6	$	1,546.8	$	324.2	$	141.1	$	79.9	$	(0.1)	$	—	$	4,094.5
Cost of revenues	743.3		1,163.0		104.0		7.6		2.3		1.9		—		2,022.1
Revenues less cost of revenues	1,259.3		383.8		220.2		133.5		77.6		(2.0)		—		2,072.4

Depreciation and amortization	27.0		58.2		29.3		2.3		13.5		2.8		(0.1)		133.0
Other segment operating expenses (a)	353.9		157.0		149.2		32.3		30.9		107.6		10.1		841.0
Operating income (loss)	$	878.4	$	168.6	$	41.7	$	98.9	$	33.2	$	(112.4)	$	(10.0)	$	1,098.4

Non-operating (expenses) income:
Interest expense (b)	$	0.1	$	—	$	(7.8)	$	—	$	—	$	—	$	(43.8)	$	(51.5)
Interest income (b)	0.5		2.4		4.1		—		0.1		3.7		16.5		27.3
Earnings on investments, net (b)	—		—		—		—		—		—		29.0		29.0
Other income (expense), net (b)	0.8		0.7		(0.1)		—		—		1.5		(22.3)		(19.4)
Income (loss) before income tax provision (benefit)	879.8		171.7		37.9		98.9		33.3		(107.2)		(30.6)		1,083.8
Income tax provision (benefit) (c)	299.1		23.1		13.3		28.4		0.1		(28.6)		(16.5)		318.9
Net income (loss) (d)	$	580.7	$	148.6	$	24.6	$	70.5	$	33.2	$	(78.6)	$	(14.1)	$	764.9

Summarized financial data of reportable segments were as follows (in millions) (continued from previous page):


	Year Ended December 31,
	2023
	Options		North American Equities		Europe and Asia Pacific		Futures		Global FX		Digital (e)		Corporate Items and Eliminations		Total
Revenues	$	1,939.5	$	1,353.0	$	281.2	$	129.0	$	74.9	$	(4.1)	$	—	$	3,773.5
Cost of revenues	770.3		987.7		91.0		3.9		1.4		1.2		—		1,855.5
Revenues less cost of revenues	1,169.2		365.3		190.2		125.1		73.5		(5.3)		—		1,918.0

Depreciation and amortization	30.1		69.4		30.7		2.0		18.4		7.4		—		158.0
Other segment operating expenses (a)	287.8		177.9		126.8		37.0		30.4		34.0		8.2		702.1
Operating income (loss)	$	851.3	$	118.0	$	32.7	$	86.1	$	24.7	$	(46.7)	$	(8.2)	$	1,057.9

Non-operating (expenses) income:
Interest expense (b)	$	0.2	$	—	$	(7.8)	$	—	$	—	$	—	$	(54.8)	$	(62.4)
Interest income (b)	(0.1)		1.4		3.0		—		—		2.0		5.7		12.0
Earnings on investments, net (b)	—		—		—		—		—		—		39.5		39.5
Other (expense) income, net (b)	(0.1)		—		(0.6)		—		(0.2)		—		1.5		0.6
Income (loss) before income tax provision (benefit)	851.3		119.4		27.3		86.1		24.5		(44.7)		(16.3)		1,047.6
Income tax provision (benefit) (c)	275.7		14.8		6.8		33.4		0.5		(10.4)		(34.6)		286.2
Net income (loss) (d)	$	575.6	$	104.6	$	20.5	$	52.7	$	24.0	$	(34.3)	$	18.3	$	761.4

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(a) Other segment operating expenses include compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, impairment of assets, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level.

(b) Non-operating income (expenses) at the segment-level is not regularly provided to the CODM, however non-operating income (expenses) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.

(c) Income tax provision (benefit) at the segment-level is not regularly provided to the CODM, however income tax provision (benefit) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.

(d) Net income (loss) at the segment-level is not regularly provided to the CODM, however net income (loss) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.

(e) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 and 2023 have been retained in the former Digital segment for comparative purposes.

Schedule of revenues less cost of revenues by primary jurisdiction

The following summarizes revenues less cost of revenues based on primary jurisdiction (in millions):


	United States		Non-U.S.		Total
Revenues less cost of revenues:
Year ended December 31, 2025	$	2,119.3	$	309.8	$	2,429.1
Year ended December 31, 2024	1,817.6		254.8		2,072.4
Year ended December 31, 2023	1,681.8		236.2		1,918.0

Schedule of long-lived assets by geographic areas

The following summarizes long-lived assets by geographic area (in millions):


	Year Ended December 31,
	2025		2024
United States	$	184.5	$	182.7
United Kingdom	30.0		23.8
Other	29.6		36.0
Total long-lived assets by geographic area	$	244.1	$	242.5