REVENUES (Tables)

12 Months Ended

Dec. 31, 2025

The following table presents our revenues disaggregated by revenue source:


	Year Ended December 31,
(in millions)	2023		2024		2025
Transaction-based revenues
Options	$	505	$	760	$	1,123
Cryptocurrencies	135		626		901
Equities	104		177		302
Other	41		84		302
Total transaction-based revenues	785		1,647		2,628

Net interest revenues:
Margin interest	243		319		573
Interest on segregated cash, cash equivalents, securities, and deposits	210		261		319
Cash Sweep	123		179		229
Securities lending, net	79		94		190
Interest on corporate cash and investments	288		256		167
Credit card, net	9		24		64
Interest expenses related to credit facilities	(23)		(24)		(32)
Other	—		—		4
Total net interest revenues	929		1,109		1,514

Other revenues:
Gold subscription revenues	$	75	$	109	$	179
Proxy revenues	61		60		63
Other	15		26		89
Total other revenues	151		195		331

Total net revenues	$	1,865	$	2,951	$	4,473

The following table presents interest revenue earned and interest expense paid from securities lending:

The table below sets forth contract receivables and liabilities balances for the periods indicated:


	December 31, 2024
(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2024	$	87	$	4
End of the period, December 31, 2024	294		11
Changes during the period	$	207	$	7


	December 31, 2025
(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2025	$	294	$	11
End of the period, December 31, 2025	185		57
Changes during the period	$	(109)	$	46