Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial data for our business segments are as follows for 2025, 2024 and 2023 (in millions):

	Year Ended December 31, 2025
	Exchanges		Fixed Income and Data Services		Mortgage Technology		Consolidated
Revenues:
Energy futures and options	$	2,182	$	—	$	—	$	2,182
Agricultural and metals futures and options	233		—		—		233
Financial futures and options	608		—		—		608
Cash equities and equity options	3,176		—		—		3,176
OTC and other	395		—		—		395
Data and connectivity services	1,031		—		—		1,031
Listings	495		—		—		495
Fixed income execution	—		125		—		125
CDS clearing	—		338		—		338
Fixed income data and analytics	—		1,234		—		1,234
Data and network technology	—		722		—		722
Origination technology	—		—		738		738
Closing solutions	—		—		223		223
Servicing software	—		—		871		871
Data and analytics	—		—		269		269
Revenues	8,120		2,419		2,101		12,640
Transaction-based expenses	2,709		—		—		2,709
Revenues, less transaction-based expenses	5,411		2,419		2,101		9,931
Other operating expenses	1,172		1,140		1,060		3,372
Depreciation and amortization	255		344		961		1,560
Acquisition-related transaction and integration costs	2		2		66		70
Operating expenses	1,429		1,486		2,087		5,002
Operating income	$	3,982	$	933	$	14	$	4,929
Total other income/(expense), net							(583)
Income before income tax expense							$	4,346

	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
Data and network technology	—		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
Data and network technology	—		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

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, 2025	$	6,316	$	3,615	$	9,931
Year ended December 31, 2024	$	6,038	$	3,241	$	9,279
Year ended December 31, 2023	$	5,246	$	2,742	$	7,988
Net assets:
As of December 31, 2025	$	21,252	$	7,739	$	28,991
As of December 31, 2024	$	20,235	$	7,485	$	27,720
Property and equipment, net:
As of December 31, 2025	$	2,359	$	332	$	2,691
As of December 31, 2024	$	1,865	$	288	$	2,153