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Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our consolidated balance sheets as customer accounts receivable. We do not have obligations for warranties, returns or refunds to customers, other than rebates, which are settled each period and therefore do not result in variable consideration. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods. Certain judgments and estimates are used in the identification and timing of satisfaction of performance obligations and the related allocation of transaction price. We believe that these represent a faithful depiction of the transfer of services to our customers.
Deferred revenue represents our contract liabilities related to our annual, original and other listings revenues, certain data services, clearing services, mortgage technology services and other revenues. See Note 5 for our discussion of deferred revenue balances, activity, and expected timing of recognition.
For all of our contracts with customers, except for listings and certain data, clearing and mortgage services, our performance obligations are short term in nature and there is no significant variable consideration.
Refer to Notes 2 and 5 to the consolidated financial statements included in Part II, Item 8 of our 2024 Form 10-K where we describe our revenue recognition accounting policies and our primary revenue contract classifications in detail.
Disaggregation of Revenues
The following tables depict the disaggregation of our revenues according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 14:
 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Nine Months Ended September 30, 2025:
Total revenues (1)
$6,118 $1,811 $1,569 $9,498 
Transaction-based expenses2,071 — — 2,071 
Total revenues, less transaction-based expenses$4,047 $1,811 $1,569 $7,427 
Timing of Revenue Recognition
Services transferred at a point in time$2,494 $332 $376 $3,202 
Services transferred over time1,553 1,479 1,193 4,225 
Total revenues, less transaction-based expenses$4,047 $1,811 $1,569 $7,427 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $76 million and $82 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended September 30, 2025:
Total revenues (1)
$1,861 $618 $528 $3,007 
Transaction-based expenses596 — — 596 
Total revenues, less transaction-based expenses$1,265 $618 $528 $2,411 
Timing of Revenue Recognition
Services transferred at a point in time$748 $112 $133 $993 
Services transferred over time517 506 395 1,418 
Total revenues, less transaction-based expenses$1,265 $618 $528 $2,411 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $24 million and $28 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.
 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Nine Months Ended September 30, 2024:
Total revenues (1)
$5,498 $1,719 $1,514 $8,731 
Transaction-based expenses1,775 — — 1,775 
Total revenues, less transaction-based expenses$3,723 $1,719 $1,514 $6,956 
Timing of Revenue Recognition
Services transferred at a point in time$2,261 $326 $338 $2,925 
Services transferred over time1,462 1,393 1,176 4,031 
Total revenues, less transaction-based expenses$3,723 $1,719 $1,514 $6,956 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $74 million and $105 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended September 30, 2024:
Total revenues (1)
$1,938 $586 $509 $3,033 
Transaction-based expenses684 — — 684 
Total revenues, less transaction-based expenses$1,254 $586 $509 $2,349 
Timing of Revenue Recognition
Services transferred at a point in time$762 $114 $118 $994 
Services transferred over time492 472 391 1,355 
Total revenues, less transaction-based expenses$1,254 $586 $509 $2,349 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $27 million and $33 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.

The Exchanges segment and the Fixed Income and Data Services segment revenues above include data services revenues. Our data services revenues are transferred over time, and a majority of those revenues are performed over a short period of time of one month or less and relate to subscription-based data services billed monthly, quarterly or annually in advance. These revenues are recognized ratably over time as our data delivery performance obligations are met consistently throughout the period.
The Exchanges segment revenues transferred over time in the tables above also include services related to listings, risk management of open interest performance obligations and regulatory fees, trading permits, and software licenses.
The Fixed Income and Data Services segment revenues transferred over time in the tables above also include services related to risk management of open interest performance obligations, primarily in our CDS business.
The Mortgage Technology segment revenues transferred over time in the tables above primarily relate to our origination and servicing technology revenue where performance obligations consist of a series of distinct services and are recognized over the contract terms as subscription performance obligations are satisfied and, to a lesser extent, professional services revenues and revenues from certain of our data and analytics offerings.
The components of services transferred over time for each of our segments are as follows (in millions):
Nine Months Ended
September 30,
Three Months Ended September 30,
 2025202420252024
Exchanges Segment:
Data services revenues
$765 $717 $264 $242 
Services transferred over time related to risk management of open interest performance obligations
317 281 94 94 
Services transferred over time related to listings370 366 125 122 
Services transferred over time related to regulatory fees, trading permits, and software licenses101 98 34 34 
Total
$1,553 $1,462 $517 $492 
Fixed Income Data Services Segment:
Data services revenues$1,449 $1,367 $495 $461 
Services transferred over time related to risk management of open interest performance obligations in our CDS business30 26 11 11 
Total
$1,479 $1,393 $506 $472 
Mortgage Technology Segment:
Recurring revenues$1,183 $1,164 $391 $387 
Other10 12 4 4 
Total$1,193 $1,176 $395 $391 
Total consolidated revenues transferred over time$4,225 $4,031 $1,418 $1,355 
Transaction Price Allocated to Future Performance Obligations
Our disclosure of transaction price allocated to future performance obligations excludes the following:
•Volume-based fees in excess of contractual minimums and other usage-based fees to the extent they are part of a single performance obligation and meet certain variable consideration allocation criteria;
•Performance obligations that are part of a contract with an original expected duration of one year or less; and
•Transactional fees based on a fixed fee per transaction when we have the right to invoice once we have completed the performance obligation.
As of September 30, 2025, the aggregate amount of the transaction price that is allocated to our future performance obligations was approximately $3.4 billion and was primarily related to contracts with customers in our Mortgage Technology segment. We expect this amount to be recognized as revenue as follows: 10% by December 31, 2025, 69% by December 31, 2027, 91% by December 31, 2029 and the rest thereafter.
Contract Assets
A contract asset represents our expectation of receiving consideration in exchange for products or services that we have provided to our customers, where invoicing is contingent on our completion of other performance obligations or contractual milestones. Substantially all of our contract assets are related to contracts with customers in our Mortgage Technology segment. As of September 30, 2025 and December 31, 2024, the balance of our contract assets was $91 million and $87 million, respectively.
Deferred Revenue
Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $447 million as of September 30, 2025, including $361 million in current deferred revenue and $86 million in other non-current liabilities in our consolidated balance sheets. The changes in our deferred revenue during the nine months ended September 30, 2025 are as follows (in millions):
Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2025
$119 $130 $84 $333 
Additions483 282 105 870 
Amortization
(370)(267)(119)(756)
Deferred revenue balance at September 30, 2025
$232 $145 $70 $447 
The changes in our deferred revenue during the nine months ended September 30, 2024 are as follows (in millions):
Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2024
$108 $93 $106 $307 
Additions487 335 106 928 
Amortization
(366)(270)(124)(760)
Deferred revenue balance at September 30, 2024
$229 $158 $88 $475 

Included in the amortization recognized during the nine and three months ended September 30, 2025 is $202 million and $50 million, respectively, related to the deferred revenue balance as of January 1, 2025. Included in the amortization recognized during the nine and three months ended September 30, 2024 is $169 million and $39 million, respectively, related to the deferred revenue balance as of January 1, 2024. As of September 30, 2025, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations as described in Note 4.