v3.26.1
Business Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Operating Segments The following tables present certain information regarding
our business segments for the three months ended June 30,
2026 and 2025:
Capital
Access
Platforms
Financial
Technology
Market
Services
Corporate
Total
June 30, 2026
(in millions)
Total
revenues
$621
$539
$1,372
$—
$2,532
Transaction-
based
expenses
—
—
(1,032)
—
(1,032)
Revenues less
transaction-
based
expenses
621
539
340
—
1,500
Directly
consumed
expenses
185
255
100
—
540
Other
expenses
42
34
22
150
248
Operating
income
$394
$250
$218
$(150)
$712
Depreciation
and
amortization
12
20
11
122
165
Purchases of
property and
equipment
15
35
27
—
77
Capital
Access
Platforms
Financial
Technology
Market
Services
Corporate
Total
June 30, 2025
Total
revenues
$520
$464
$1,101
$16
$2,101
Transaction-
based
expenses
—
—
(795)
—
(795)
Revenues less
transaction-
based
expenses
520
464
306
16
1,306
Directly
consumed
expenses
172
220
92
—
484
Other
expenses
41
27
20
166
254
Operating
income
$307
$217
$194
$(150)
$568
Depreciation
and
amortization
11
13
11
123
158
Purchases of
property and
equipment
15
29
15
—
59
The following tables present certain information regarding
our business segments for the six months ended June 30,
2026 and 2025:
Capital
Access
Platforms
Financial
Technology
Market
Services
Corporate
Total
June 30, 2026
(in millions)
Total
revenues
$1,186
$1,057
$2,419
$8
$4,670
Transaction-
based
expenses
—
—
(1,762)
—
(1,762)
Revenues less
transaction-
based
expenses
1,186
1,057
657
8
2,908
Directly
consumed
expenses
356
488
192
—
1,036
Other
expenses
87
73
46
297
503
Operating
income
$743
$496
$419
$(289)
$1,369
Depreciation
and
amortization
39
23
25
244
331
Purchases of
property and
equipment
31
68
38
—
137
Capital
Access
Platforms
Financial
Technology
Market
Services
Corporate
Total
June 30, 2025
Total
revenues
$1,028
$896
$2,240
$32
$4,196
Transaction-
based
expenses
—
—
(1,653)
—
(1,653)
Revenues less
transaction-
based
expenses
1,028
896
587
32
2,543
Directly
consumed
expenses
333
426
180
—
939
Other
expenses
81
56
40
312
489
Operating
income
$614
$414
$367
$(280)
$1,115
Depreciation
and
amortization
21
25
22
245
313
Purchases of
property and
equipment
28
51
29
—
108
Schedule of Corporate Items The following tables summarize
revenues and expenses allocated to our Corporate segment:
Three Months Ended June 30,
2026
2025
Revenues:
(in millions)
Divestitures of businesses
$—
$16
Expenses:
Amortization expense of
acquired intangible assets
121
122
Merger and strategic initiatives
expense
5
20
Restructuring charges
14
9
Legal and regulatory matters
6
1
Expenses - divestitures
3
13
Other
1
1
Total expenses
$150
$166
Operating loss
$(150)
$(150)
Six Months Ended June 30,
2026
2025
Revenues:
(in millions)
Divestitures of businesses
$8
$32
Expenses:
Amortization expense of
acquired intangible assets
243
243
Merger and strategic initiatives
expense
9
44
Restructuring charges
24
15
Legal and regulatory matters
12
4
Gain on extinguishment of debt
—
(19)
Expenses - divestitures
8
24
Other
1
1
Total expenses
$297
$312
Operating loss
$(289)
$(280)
Schedule of Revenue and Property and Equipment, By Geographic Area The following tables present total gross revenues by
geographic area for the three and six months ended June 30,
2026 and 2025. Revenues are classified based upon the
location of the customer.
Three Months Ended June 30,
(in millions)
2026
2025
United States
$1,905
$1,699
All other countries
627
402
Total
$2,532
$2,101
Six Months Ended June 30,
(in millions)
2026
2025
United States
$3,437
$3,401
All other countries
1,233
795
Total
$4,670
$4,196
The following table presents property and equipment, net by
geographic area as of June 30, 2026 and December 31, 2025.
Property and equipment information is based on the physical
location of the assets.
(in millions)
June 30, 2026
December 31, 2025
United States
$520
$500
All other countries
247
228
Total
$767
$728