18. SEGMENT REPORTING
The company's business is conducted through one reportable business segment, CME Group consolidated. The company has one operating segment as this is the level at which resource allocation and operating decisions regarding company performance are evaluated and determined by the senior leadership team.
The company’s chief operating decision maker (CODM) is the senior leadership team that includes the Chairman and Chief Executive Officer, Chief Information Officer, Senior Managing Director Global Head of Fixed Income, President and Chief Financial Officer, Senior Managing Director and General Counsel, Senior Managing Director Global Head Equities, FX, and Alternative Products, Chief Human Resources Officer, Senior Managing Director Global Head of Commodities Markets, Chief Operating Officer and Global Head of Clearing, Chief Transformation Officer, and Chief Commercial Officer. The members of the senior leadership team represent a cross-functional group of management, which evaluates the company’s operating results in order to evaluate performance and make decisions about the company’s operating matters.
The CODM reviews the financial results of CME Group consolidated on an ongoing basis throughout the year. As a single segment, the segment profitability measure is consolidated net income. Consolidated net income informs key operating decisions as made by the CODM, which include bonus allocation, discretionary share-based awards, liquidity and cash needs, new product development, existing product expansion, and product discontinuation. Consolidated net income is deemed the best indicator of segment performance. Segment assets are not reported to, or used by, the CODM to allocate resources or to assess performance.
The CODM evaluates current period consolidated net income performance as compared to prior periods, budgeted results, and forecasts. The CODM reviews consolidated revenues as disaggregated by the following: clearing and transaction fees as a combination of rate per contract and average daily volume for each major asset class, market data fee revenue, and other revenue. The significant expense categories are consistent with those presented on the face of the consolidated statements of income. The components of non-operating income are also reviewed by the CODM. It is noted that the level of financial information provided to the CODM is consistent with the financial statement line items as disclosed in our consolidated statements of income.
The table below presents geographic locations with material revenue for the years ended December 31, 2025, 2024 and 2023 and geographic locations with material long-lived assets as of December 31, 2025 and 2024. Locations with revenue or long lived assets representing 10% or more of total revenue or long lived assets are considered to have material revenue or long lived assets.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Revenues (2) | | Long-lived Assets (3) |
| (in millions) | | 2025 | | 2024 | | 2023 | | 2025 | | 2024 |
| United States | | $ | 4,456.0 | | $ | 4,178.4 | | $ | 3,797.5 | | $ | 27,258.0 | | $ | 27,433.5 |
United Kingdom (1) | | 760.7 | | 714.7 | | 647.0 | | 3,444.4 | | 3,467.6 |
| Other foreign countries | | 1,303.9 | | 1,237.0 | | 1,134.4 | | 46.8 | | 50.9 |
| Totals | | $ | 6,520.6 | | $ | 6,130.1 | | $ | 5,578.9 | | $ | 30,749.2 | | $ | 30,952.0 |
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(1)United Kingdom includes Great Britain and Northern Ireland.
(2)Revenues are classified based upon the location of the customer.
(3)Long-lived assets represent property, plant and equipment, indefinite-lived intangible assets, amortizable intangible assets, and other investments included in other assets. See Note 5 for further information on property. See Note 6 for further information on goodwill and other intangible assets. See Note 17 for further information on investments included in other assets. These assets are reported in the country where they are primarily used.