Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Financial data for our business segments is as follows for the nine and three months ended September 30, 2025 and 2024 (in millions):

	Nine Months Ended September 30, 2025
	Exchanges		Fixed Income and Data Services		Mortgage Technology		Consolidated
Revenues:
Energy futures and options	$	1,634	$	—	$	—	$	1,634
Agricultural and metals futures and options	180		—		—		180
Financial futures and options	453		—		—		453
Cash equities and equity options	2,418		—		—		2,418
OTC and other	298		—		—		298
Data and connectivity services	765		—		—		765
Listings	370		—		—		370
Fixed income execution	—		96		—		96
CDS clearing	—		266		—		266
Fixed income data and analytics	—		916		—		916
Data and network technology	—		533		—		533
Origination technology	—		—		550		550
Closing solutions	—		—		163		163
Servicing software	—		—		657		657
Data and analytics	—		—		199		199
Revenues	6,118		1,811		1,569		9,498
Transaction-based expenses	2,071		—		—		2,071
Revenues, less transaction-based expenses	4,047		1,811		1,569		7,427
Other operating expenses	872		850		791		2,513
Depreciation and amortization	191		256		724		1,171
Acquisition-related transaction and integration costs	1		2		48		51
Operating expenses	1,064		1,108		1,563		3,735
Operating income	$	2,983	$	703	$	6	$	3,692
Total other income/(expense), net							(412)
Income before income tax expense							$	3,280

	Three Months Ended September 30, 2025
	Exchanges		Fixed Income and Data Services		Mortgage Technology		Consolidated
Revenues:
Energy futures and options	$	482	$	—	$	—	$	482
Agricultural and metals futures and options	51		—		—		51
Financial futures and options	139		—		—		139
Cash equities and equity options	701		—		—		701
OTC and other	99		—		—		99
Data and connectivity services	264		—		—		264
Listings	125		—		—		125
Fixed income execution	—		33		—		33
CDS clearing	—		90		—		90
Fixed income data and analytics	—		311		—		311
Data and network technology	—		184		—		184
Origination technology	—		—		188		188
Closing solutions	—		—		58		58
Servicing software	—		—		216		216
Data and analytics	—		—		66		66
Revenues	1,861		618		528		3,007
Transaction-based expenses	596		—		—		596
Revenues, less transaction-based expenses	1,265		618		528		2,411
Other operating expenses	293		286		262		841
Depreciation and amortization	64		86		237		387
Acquisition-related transaction and integration costs	—		2		7		9
Operating expenses	357		374		506		1,237
Operating income	$	908	$	244	$	22	$	1,174
Total other income/(expense), net							(93)
Income before income tax expense							$	1,081

	Nine Months Ended September 30, 2024
	Exchanges		Fixed Income and Data Services		Mortgage Technology		Consolidated
Revenues:
Energy futures and options	$	1,399	$	—	$	—	$	1,399
Agricultural and metals futures and options	203		—		—		203
Financial futures and options	408		—		—		408
Cash equities and equity options	2,092		—		—		2,092
OTC and other	313		—		—		313
Data and connectivity services	717		—		—		717
Listings	366		—		—		366
Fixed income execution	—		84		—		84
CDS clearing	—		268		—		268
Fixed income data and analytics	—		876		—		876
Data and network technology	—		491		—		491
Origination technology	—		—		536		536
Closing solutions	—		—		150		150
Servicing software	—		—		635		635
Data and analytics	—		—		193		193
Revenues	5,498		1,719		1,514		8,731
Transaction-based expenses	1,775		—		—		1,775
Revenues, less transaction-based expenses	3,723		1,719		1,514		6,956
Other operating expenses	792		844		852		2,488
Depreciation and amortization	197		243		708		1,148
Acquisition-related transaction and integration costs	—		—		88		88
Operating expenses	989		1,087		1,648		3,724
Operating income/(loss)	$	2,734	$	632	$	(134)	$	3,232
Total other income/(expense), net							(509)
Income before income tax expense							$	2,723

	Three Months Ended September 30, 2024
	Exchanges		Fixed Income and Data Services		Mortgage Technology		Consolidated
Revenues:
Energy futures and options	$	473	$	—	$	—	$	473
Agricultural and metals futures and options	60		—		—		60
Financial futures and options	141		—		—		141
Cash equities and equity options	791		—		—		791
OTC and other	109		—		—		109
Data and connectivity services	242		—		—		242
Listings	122		—		—		122
Fixed income execution	—		28		—		28
CDS clearing	—		97		—		97
Fixed income data and analytics	—		295		—		295
Data and network technology	—		166		—		166
Origination technology	—		—		182		182
Closing solutions	—		—		54		54
Servicing software	—		—		209		209
Data and analytics	—		—		64		64
Revenues	1,938		586		509		3,033
Transaction-based expenses	684		—		—		684
Revenues, less transaction-based expenses	1,254		586		509		2,349
Other operating expenses	242		294		287		823
Depreciation and amortization	65		82		239		386
Acquisition-related transaction and integration costs	—		—		37		37
Operating expenses	307		376		563		1,246
Operating income/(loss)	$	947	$	210	$	(54)	$	1,103
Total other income/(expense), net							(205)
Income before income tax expense							$	898