Banks and Capital Markets Market Data

ICE 2025 net revenues $9.9B (Exchanges $5.4B, FID $2.4B, Mortgage $2.1B). CME $6.52B with 28.1 million ADV. Nasdaq net revenue $5.25B. Cboe net revenue $2.429B is on the comparison chart below.

Calendar 2025. Cboe net revenue $2.429B is revenues less cost of revenues, up 17%. ICE $9.9B is net revenues less transaction-based expenses. Nasdaq $5.249B is net revenue. CME $6.521B is total revenues. Definitions are close but not identical.

S&P Global Ratings $4.72B and Market Intelligence $4.92B. Moody's MIS $4.12B and MA $3.60B. Ratings move with issuance. Analytics are the recurring overlay.

Market Intelligence $4.916B. Ratings $4.724B. Energy $2.299B. Indices $1.850B. Mobility $1.747B. Firm revenue was $15.336B after $200M of eliminations. Segments do not sum to firm revenue without eliminations.

Exchanges $5.4B. Fixed Income and Data Services $2.4B. Mortgage Technology $2.1B. Firm net revenues $9.9B. These three bars are the company's printed segment split.

Nasdaq Solutions $4.01B. MSCI firm revenue $3.13B, with $2.34T of ETF AUM linked to MSCI equity indexes. ICE FID $2.4B. S&P Global Indices $1.85B. CME market data $803M.

GAAP revenues $2.322B, up 5.4%. ASV $2.406B at August 31, 2025. Organic ASV $2.371B, up 5.7%. ASV is forward-looking subscription revenue, not GAAP revenue, and is not calendar 2025.

Derivatives Markets $1.341B. Data Vantage $0.623B. Cash and Spot Markets $0.465B. Total net revenue $2.429B. These are net revenue, not gross exchange fees.