Consolidated Statements of Cash Flows $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Operating activities:
Net income	$ 3,370	$ 2,802	$ 2,438
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,560	1,537	1,215
Stock-based compensation	238	231	257
Deferred taxes	82	(142)	(329)
Fair value loss on Promissory Note	0	0	160
(Gain)/Loss on investments	(55)	1	4
Net (income)/losses from unconsolidated investees	(79)	62	122
Other	50	55	63
Changes in assets and liabilities:
Customer accounts receivable	(62)	(149)	(71)
Other current and non-current assets	46	(106)	(41)
Section 31 fees payable	(316)	237	(144)
Deferred revenue	(44)	27	(16)
Other current and non-current liabilities	(128)	54	(116)
Total adjustments	1,292	1,807	1,104
Net cash provided by operating activities	4,662	4,609	3,542
Investing activities:
Capital expenditures	(373)	(406)	(190)
Capitalized software development costs	(418)	(346)	(299)
Cash paid for acquisitions, net of cash acquired	(19)	(38)	(10,198)
Proceeds from sale of Promissory Note	0	75	0
Purchases of invested margin deposits	(6,873)	(1,391)	(1,588)
Proceeds from invested margin deposits	4,618	1,097	3,974
Purchases of equity and equity method investments	(1,029)	(29)	(8)
Proceeds from the sale of equity investments	0	0	187
Purchases of restricted investments	(1,455)	(752)	(1,316)
Proceeds from restricted investments	1,286	855	641
Other investing activities	14	14	0
Net cash used in investing activities	(4,249)	(921)	(8,797)
Financing activities:
Proceeds from debt issuances	1,234	739	2,400
Repayments of debt	(2,500)	(1,600)	(2,286)
Proceeds from/(redemption of) commercial paper, net	506	(1,424)	1,954
Repurchases of common stock	(1,294)	0	0
Dividends paid to stockholders	(1,105)	(1,039)	(955)
Change in cash and cash equivalent margin deposits and guaranty funds liability	(3,106)	3,463	(65,396)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises	(103)	(81)	(78)
Other financing activities	34	21	16
Net cash provided by/(used in) financing activities	(6,334)	79	(64,345)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	32	(14)	7
Net increase/(decrease) in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	(5,889)	3,753	(69,593)
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	150,343
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period	78,614	84,503	80,750
Supplemental cash flow disclosure:
Cash paid for interest	764	870	727
Cash paid for income taxes	1,068	957	909
Cash paid for amounts included in the measurement of operating lease liability	72	90	85
Lease liabilities arising from obtaining right-of-use assets	334	88	115
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	837	844	899
Short-term restricted cash and cash equivalents	748	1,142	531
Long-term restricted cash and cash equivalents	240	368	340
Cash and cash equivalent margin deposits and guaranty funds	76,789	82,149	78,980
Total	$ 78,614	$ 84,503	$ 80,750