Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

The following tables depict the disaggregation of our revenues according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 14:


	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Nine Months Ended September 30, 2025:
Total revenues (1)	$	6,118	$	1,811	$	1,569	$	9,498
Transaction-based expenses	2,071		—		—		2,071
Total revenues, less transaction-based expenses	$	4,047	$	1,811	$	1,569	$	7,427

Timing of Revenue Recognition
Services transferred at a point in time	$	2,494	$	332	$	376	$	3,202
Services transferred over time	1,553		1,479		1,193		4,225
Total revenues, less transaction-based expenses	$	4,047	$	1,811	$	1,569	$	7,427
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $76 million and $82 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.

	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Three Months Ended September 30, 2025:
Total revenues (1)	$	1,861	$	618	$	528	$	3,007
Transaction-based expenses	596		—		—		596
Total revenues, less transaction-based expenses	$	1,265	$	618	$	528	$	2,411

Timing of Revenue Recognition
Services transferred at a point in time	$	748	$	112	$	133	$	993
Services transferred over time	517		506		395		1,418
Total revenues, less transaction-based expenses	$	1,265	$	618	$	528	$	2,411
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $24 million and $28 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.


	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Nine Months Ended September 30, 2024:
Total revenues (1)	$	5,498	$	1,719	$	1,514	$	8,731
Transaction-based expenses	1,775		—		—		1,775
Total revenues, less transaction-based expenses	$	3,723	$	1,719	$	1,514	$	6,956

Timing of Revenue Recognition
Services transferred at a point in time	$	2,261	$	326	$	338	$	2,925
Services transferred over time	1,462		1,393		1,176		4,031
Total revenues, less transaction-based expenses	$	3,723	$	1,719	$	1,514	$	6,956
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $74 million and $105 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.

	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Three Months Ended September 30, 2024:
Total revenues (1)	$	1,938	$	586	$	509	$	3,033
Transaction-based expenses	684		—		—		684
Total revenues, less transaction-based expenses	$	1,254	$	586	$	509	$	2,349

Timing of Revenue Recognition
Services transferred at a point in time	$	762	$	114	$	118	$	994
Services transferred over time	492		472		391		1,355
Total revenues, less transaction-based expenses	$	1,254	$	586	$	509	$	2,349
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $27 million and $33 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.

The components of services transferred over time for each of our segments are as follows (in millions):


	Nine Months Ended September 30,				Three Months Ended September 30,
	2025		2024		2025		2024
Exchanges Segment:
Data services revenues	$	765	$	717	$	264	$	242
Services transferred over time related to risk management of open interest performance obligations	317		281		94		94
Services transferred over time related to listings	370		366		125		122
Services transferred over time related to regulatory fees, trading permits, and software licenses	101		98		34		34
Total	$	1,553	$	1,462	$	517	$	492

Fixed Income Data Services Segment:
Data services revenues	$	1,449	$	1,367	$	495	$	461
Services transferred over time related to risk management of open interest performance obligations in our CDS business	30		26		11		11
Total	$	1,479	$	1,393	$	506	$	472

Mortgage Technology Segment:
Recurring revenues	$	1,183	$	1,164	$	391	$	387
Other	10		12		4		4
Total	$	1,193	$	1,176	$	395	$	391

Total consolidated revenues transferred over time	$	4,225	$	4,031	$	1,418	$	1,355

Intercontinental Exchange, Inc. 10-Q