Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial data for our business segments is as follows for 2024, 2023 and 2022 (in millions):


			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
Other data and network services			—						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
Other data and network services			—						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


			Year Ended December 31, 2022
			Exchanges						Fixed Income and Data Services						Mortgage Technology						Consolidated
Revenues:
Energy futures and options			$	1,162					$	—					$	—					$	1,162
Agricultural and metals futures and options			235						—						—						235
Financial futures and options			475						—						—						475
Cash equities and equity options			2,722						—						—						2,722
OTC and other			429						—						—						429
Data and connectivity services			877						—						—						877
Listings			515						—						—						515
Fixed income execution			—						101						—						101
CDS clearing			—						305						—						305
Fixed income data and analytics			—						1,098						—						1,098
Other data and network services			—						588						—						588
Origination technology			—						—						798						798
Closing solutions			—						—						239						239
Servicing software			—						—						—						—
Data and analytics			—						—						92						92
Revenues			6,415						2,092						1,129						9,636
Transaction-based expenses			2,344						—						—						2,344
Revenues, less transaction-based expenses			4,071						2,092						1,129						7,292
Other operating expenses			968						1,023						539						2,530
Depreciation and amortization			240						349						442						1,031
Acquisition-related transaction and integration costs			1						1						91						93
Operating expenses			1,209						1,373						1,072						3,654
Operating income			$	2,862					$	719					$	57					$	3,638
Total other income/(expense), net																					(1,830)
Income before income tax expense																					$	1,808

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, 2024			$	6,038					$	3,241					$	9,279
Year ended December 31, 2023			$	5,246					$	2,742					$	7,988
Year ended December 31, 2022			$	4,867					$	2,425					$	7,292
Net assets:
As of December 31, 2024			$	20,235					$	7,485					$	27,720
As of December 31, 2023			$	18,327					$	7,459					$	25,786
Property and equipment, net:
As of December 31, 2024			$	1,865					$	288					$	2,153
As of December 31, 2023			$	1,688					$	235					$	1,923