Revenue
Disaggregation of Revenue
The following table presents our revenue disaggregated by revenue type(1):
| | | | | | | | | | | | | | | | | | | | |
| | Year ended December 31, |
| (in millions) | | 2025 | | 2024 | | 2023 |
| | | | | | |
| License-based | | $ | 1,719.2 | | | $ | 1,625.1 | | | $ | 1,517.5 | |
| Asset-based | | 343.0 | | | 333.2 | | | 279.6 | |
| Transaction-based | | 383.3 | | | 316.8 | | | 241.5 | |
| Consolidated revenue | | $ | 2,445.5 | | | $ | 2,275.1 | | | $ | 2,038.6 | |
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(1) Starting with the quarter ended March 31, 2024, revenue from PitchBook media sales product was reclassified from license-based to transaction-based. Prior periods have not been restated to reflect the updated classifications.
Contract Liabilities
Our contract liabilities represent deferred revenue. We record deferred revenue when a contract requires a customer to be billed in advance. The following table summarizes our contract liabilities balance:
| | | | | | | | | | | | | | | | |
| | As of December 31, | | |
| (in millions) | | 2025 | | 2024 | | |
| Deferred revenue (current) | | $ | 586.1 | | | $ | 540.8 | | | |
| Deferred revenue (non-current) | | 21.0 | | | 22.4 | | | |
| Total contract liabilities | | $ | 607.1 | | | $ | 563.2 | | | |
The following table presents revenue recognized that was included in the deferred revenue balance at the beginning of the period:
| | | | | | | | | | | | | | | | | | | | |
| | Year ended December 31, |
| (in millions) | | 2025 | | 2024 | | 2023 |
| Revenue recognized that was included in opening deferred revenue | | $ | 524.1 | | | $ | 480.5 | | | $ | 424.9 | |
Remaining Performance Obligations
Remaining performance obligations include both amounts recorded as deferred revenue in our Consolidated Balance Sheets as of December 31, 2025 as well as amounts not yet invoiced to customers as of December 31, 2025, largely reflecting future revenue related to signed multi-year arrangements.
As of December 31, 2025, we expect to recognize revenue related to our remaining performance obligations as follows: | | | | | | | | |
| (in millions) | | As of December 31, 2025 |
| 2026 | | $ | 1,067.4 | |
| 2027 | | 292.9 | |
| 2028 | | 117.1 | |
| 2029 | | 32.5 | |
| 2030 | | 10.4 | |
| Thereafter | | 21.0 | |
| Total | | $ | 1,541.3 | |
The table above excludes variable consideration for unsatisfied performance obligations related to certain of our license-based, asset-based, and transaction-based contracts as we apply the optional exemption available under FASB ASC Topic 606. These performance obligations are expected to be satisfied over the next one to three years. Variable consideration for these contracts cannot be reasonably estimated because it depends on factors such as future user licenses, changes in the underlying asset values, or the number of internet advertising impressions in any given period, which are only known as services are performed.
The table above also excludes unsatisfied performance obligations for certain license-based contracts with durations of one year or less as we apply the optional exemption under FASB ASC Topic 606. For certain license-based contracts, the remaining performance obligations are expected to be less than one year based on the subscription terms or the existence of cancellation terms that may be exercised causing the contract term to be less than one year from December 31, 2025.
Contract Assets
Our contract assets represent accounts receivable, less allowance for credit losses, and deferred commissions.
The following table summarizes our contract assets balance:
| | | | | | | | | | | | | | |
| | As of December 31, |
| (in millions) | | 2025 | | 2024 |
| Accounts receivable, less allowance for credit losses | | $ | 390.4 | | | $ | 358.1 | |
| Deferred commissions | | 65.5 | | | 65.8 | |
| Total contract assets | | $ | 455.9 | | | $ | 423.9 | |