Exchange / Data & Analytics Toll Businesses

Capital-light financial infrastructure and information-services companies that monetize recurring data, analytics, index, rating, listing, and transaction tolls. Revenue is earned from per-contract or per-notional exchange fees, clearing fees, market-data subscriptions, index licensing, ratings issuance and surveillance, listings, workflow software, and value-added risk / security / analytics prod

Each company on its own headline number

TickerCompanyTheir metricPeriodYoYA year ago
MCOMoody's CorporationMoody's Investors ServiceFY2026-Q2+24.8%-0.5%
VRSNVeriSign, Inc.OtherFY2026-Q2-6.4%-30.3%
TRUTransUnionInternationalFY2026-Q2+26.8%+7.4%
SPGIS&P Global Inc.RatingsFY2026-Q2+17.0%-0.9%
EFXEquifax Inc.USISFY2026-Q2+17.3%+9.0%
FICOFair Isaac CorporationScoresFY2026-Q3+41.9%+34.3%
MSCIMSCI Inc.Recurring SubscriptionFY2026-Q2+11.6%+8.6%
MORNMorningstar, Inc.Adjusted Operating MarginFY2026-Q1+4.4 pts+2.9 pts
FDSFactSet Research Systems Inc.Europe, Middle East, and Africa RevenueFY2026-Q3+4.3%+3.2%
ICEIntercontinental Exchange, Inc.Mortgage TechnologyFY2026-Q2+4.9%+4.9%
CBOECboe Global Markets, Inc.North American EquitiesFY2026-Q2+17.7%+25.0%
VRSKVerisk Analytics, Inc.Adjusted Earnings Before Interest, Taxes, Depreciation, and AmortizationFY2026-Q2+4.3%+12.1%
BRBroadridge Financial Solutions, Inc.Blended Trade Volume GrowthFY2025-Q4-1.0 pts+12.0 pts
CMECME Group Inc.Adjusted Net Income Attributable to CME GroupFY2026-Q2+1.6%+16.1%
MIAXMIAMI INTERNATIONAL HOLDINGS, INC.Market Share (Multi-Listed Options)FY2026-Q1
NDAQNasdaq, Inc.Non-GAAP operating incomeFY2026-Q2
NIQNIQ Global Intelligence PlcAnnualized Intelligence Subscription RevenueFY2026-Q2+8.9%
TWTradeweb Markets Inc.Adjusted EBIT marginFY2025-Q3

Where they use the same metric

  • United States — reported by 8 of 22
  • Asia-Pacific — reported by 7 of 22
  • Adjusted free cash flow — reported by 7 of 22
  • Non-GAAP Diluted Earnings Per Share — reported by 6 of 22
  • Consolidated transaction revenues, net — reported by 5 of 22
  • Adjusted consolidated operating income — reported by 5 of 22
  • Americas — reported by 5 of 22
  • Adjusted operating margin — reported by 5 of 22

A side-by-side appears only when three or more companies report the same metric under their own definition. Nothing is translated from one company's segment into another's.

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