Segment Reporting

12 Months Ended

Dec. 31, 2025

Our business is conducted through three reportable business segments:

•Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses;

•Fixed Income and Data Services: We provide fixed income pricing, reference data, indices, analytics and execution services, as well as global CDS clearing and multi-asset class data delivery technology; and

•Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle, from application through closing, servicing and the secondary market.

Our Chief Operating Decision Maker, or CODM, is our Chair and Chief Executive Officer. Our CODM uses operating income/(loss) to assess performance and allocate resources for each of our segments including decisions on product pricing and new products, strategic mergers and acquisitions, marketing costs, capital expenditures, employee headcount and compensation. Our CODM evaluates both budgeted and actual operating income/(loss) and the related growth, when assessing performance and making decisions about allocating resources as described above. The accounting policies of the reportable segments are the same as those described in Note 2.

The information and amounts presented in the tables below align with the segment-level information regularly provided to our CODM. While revenues are recorded specifically in the segment in which they are earned or to which they relate, a significant portion of our operating expenses are not solely related to a specific segment because the expenses serve functions that are necessary for the operation of more than one segment. We directly allocate expenses when reasonably possible to do so. Otherwise, we use a pro-rata revenue approach as the allocation method for the expenses that do not relate solely to one segment and serve functions that are necessary for the operation of all segments. Our significant expense categories are other operating expenses, depreciation and amortization expense and acquisition-related transaction and integration costs. Other operating expenses include the aggregate of compensation and benefits, professional services, technology and communication, rent and occupancy and selling, general and administrative expenses.

Our CODM does not review total assets or statements of income below operating income by segments; therefore, such information is not presented below. Our three segments do not engage in intersegment transactions.

During 2025, we changed the classification of a disaggregated revenue line item in our Fixed Income and Data Services segment previously presented as "other data and network services" to "data and network technology" within the tables below. This name change was made to better reflect the nature of the revenues included in this classification and did not impact the measurement or classification of revenue within this classification.

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

No customer accounted for more than 10% of our consolidated revenues, less transaction-based expenses during 2025, 2024, or 2023.

Geographical Information

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

The foreign countries category above primarily relates to the U.K. and to a lesser extent, EU, India, Israel, Canada and Singapore.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Intercontinental Exchange, Inc. 10-K