Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial data for our business segments is as follows for 2024, 2023 and 2022 (in millions):

	Year Ended December 31, 2024
	Exchanges		Fixed Income and Data Services		Mortgage Technology		Consolidated
Revenues:
Energy futures and options	$	1,876	$	—	$	—	$	1,876
Agricultural and metals futures and options	257		—		—		257
Financial futures and options	559		—		—		559
Cash equities and equity options	2,913		—		—		2,913
OTC and other	400		—		—		400
Data and connectivity services	947		—		—		947
Listings	489		—		—		489
Fixed income execution	—		117		—		117
CDS clearing	—		343		—		343
Fixed income data and analytics	—		1,177		—		1,177
Other data and network services	—		661		—		661
Origination technology	—		—		713		713
Closing solutions	—		—		202		202
Servicing software	—		—		848		848
Data and analytics	—		—		259		259
Revenues	7,441		2,298		2,022		11,761
Transaction-based expenses	2,482		—		—		2,482
Revenues, less transaction-based expenses	4,959		2,298		2,022		9,279
Other operating expenses	1,063		1,129		1,137		3,329
Depreciation and amortization	260		326		951		1,537
Acquisition-related transaction and integration costs	—		—		104		104
Operating expenses	1,323		1,455		2,192		4,970
Operating income/(loss)	$	3,636	$	843	$	(170)	$	4,309
Total other income/(expense), net							(681)
Income before income tax expense							$	3,628

	Year Ended December 31, 2023
	Exchanges		Fixed Income and Data Services		Mortgage Technology		Consolidated
Revenues:
Energy futures and options	$	1,498	$	—	$	—	$	1,498
Agricultural and metals futures and options	271		—		—		271
Financial futures and options	460		—		—		460
Cash equities and equity options	2,298		—		—		2,298
OTC and other	398		—		—		398
Data and connectivity services	933		—		—		933
Listings	497		—		—		497
Fixed income execution	—		124		—		124
CDS clearing	—		360		—		360
Fixed income data and analytics	—		1,118		—		1,118
Other data and network services	—		629		—		629
Origination technology	—		—		694		694
Closing solutions	—		—		179		179
Servicing software	—		—		288		288
Data and analytics	—		—		156		156
Revenues	6,355		2,231		1,317		9,903
Transaction-based expenses	1,915		—		—		1,915
Revenues, less transaction-based expenses	4,440		2,231		1,317		7,988
Other operating expenses	1,033		1,079		698		2,810
Depreciation and amortization	248		341		626		1,215
Acquisition-related transaction and integration costs	—		—		269		269
Operating expenses	1,281		1,420		1,593		4,294
Operating income/(loss)	$	3,159	$	811	$	(276)	$	3,694
Total other income/(expense), net							(800)
Income before income tax expense							$	2,894

	Year Ended December 31, 2022
	Exchanges		Fixed Income and Data Services		Mortgage Technology		Consolidated
Revenues:
Energy futures and options	$	1,162	$	—	$	—	$	1,162
Agricultural and metals futures and options	235		—		—		235
Financial futures and options	475		—		—		475
Cash equities and equity options	2,722		—		—		2,722
OTC and other	429		—		—		429
Data and connectivity services	877		—		—		877
Listings	515		—		—		515
Fixed income execution	—		101		—		101
CDS clearing	—		305		—		305
Fixed income data and analytics	—		1,098		—		1,098
Other data and network services	—		588		—		588
Origination technology	—		—		798		798
Closing solutions	—		—		239		239
Servicing software	—		—		—		—
Data and analytics	—		—		92		92
Revenues	6,415		2,092		1,129		9,636
Transaction-based expenses	2,344		—		—		2,344
Revenues, less transaction-based expenses	4,071		2,092		1,129		7,292
Other operating expenses	968		1,023		539		2,530
Depreciation and amortization	240		349		442		1,031
Acquisition-related transaction and integration costs	1		1		91		93
Operating expenses	1,209		1,373		1,072		3,654
Operating income	$	2,862	$	719	$	57	$	3,638
Total other income/(expense), net							(1,830)
Income before income tax expense							$	1,808

Schedule of Geographical Segments

The following represents our revenues, less transaction-based expenses, net assets and net property and equipment based on the geographic location (in millions):

	United States		Foreign Countries		Total
Revenues, less transaction-based expenses:
Year ended December 31, 2024	$	6,038	$	3,241	$	9,279
Year ended December 31, 2023	$	5,246	$	2,742	$	7,988
Year ended December 31, 2022	$	4,867	$	2,425	$	7,292
Net assets:
As of December 31, 2024	$	20,235	$	7,485	$	27,720
As of December 31, 2023	$	18,327	$	7,459	$	25,786
Property and equipment, net:
As of December 31, 2024	$	1,865	$	288	$	2,153
As of December 31, 2023	$	1,688	$	235	$	1,923