Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities:
Net income	$ 2,508	$ 2,093
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,171	1,148
Stock-based compensation	169	171
Deferred taxes	88	(199)
(Gain)/Loss on investments	(35)	1
Net (income)/losses from unconsolidated investees	(75)	63
Other	41	48
Changes in assets and liabilities:
Customer accounts receivable	(52)	(210)
Other current and non-current assets	20	(84)
Section 31 fees payable	(316)	(4)
Deferred revenue	112	167
Other current and non-current liabilities	(244)	(91)
Total adjustments	879	1,010
Net cash provided by operating activities	3,387	3,103
Investing activities:
Capital expenditures	(207)	(212)
Capitalized software development costs	(318)	(264)
Purchases of invested margin deposits	(4,317)	(858)
Proceeds from invested margin deposits	3,490	1,088
Cash paid for acquisitions, net of cash acquired	(19)	(8)
Proceeds from sale of promissory note	0	75
Purchases of equity and equity method investments	(15)	(24)
Purchases of restricted investments	(693)	(654)
Proceeds from restricted investments	912	856
Net cash used in investing activities	(1,167)	(1)
Financing activities:
Proceeds from debt issuances	0	739
Repayments of debt	(1,250)	(1,600)
Redemption of commercial paper, net	(112)	(583)
Repurchases of common stock	(894)	0
Dividends paid to stockholders	(831)	(780)
Change in cash and cash equivalent margin deposits and guaranty funds liability	2,284	(436)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises	(103)	(77)
Other	(26)	20
Net cash used in financing activities	(932)	(2,717)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	30	7
Net increase in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	1,318	392
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period	84,503	80,750
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period	85,821	81,142
Supplemental cash flow disclosure:
Cash paid for income taxes	869	776
Cash paid for interest	583	659
Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the consolidated balance sheets:
Cash and cash equivalents	850	755
Short-term restricted cash and cash equivalents	1,123	1,243
Long-term restricted cash and cash equivalents	241	370
Cash and cash equivalent margin deposits and guaranty funds	83,607	78,774
Total	$ 85,821	$ 81,142