---
title: "Intercontinental: Business Model"
description: "Intercontinental Exchange revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/intercontinental-exchange/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Intercontinental Exchange: Business Model & Revenue Engine

## Direct Answer

Intercontinental Exchange reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Exchanges is the largest, with $8.1 billion of revenue (64% of the total), followed by Fixed Income and Data Services at $2.4 billion (19%).

## How Does Intercontinental Exchange Make Money?

Exchanges supplies 64% of revenue, so Intercontinental Exchange's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Exchanges grew fastest (+9.1%) and Mortgage Technology slowest (+3.9%), so the revenue mix tilts toward Exchanges while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Exchanges | $8.1 billion | $7.4 billion | 64.2% | 9.1% |
| Fixed Income and Data Services | $2.4 billion | $2.3 billion | 19.1% | 5.3% |
| Mortgage Technology | $2.1 billion | $2.0 billion | 16.6% | 3.9% |

![Bar chart of Intercontinental Exchange revenue by segment for fiscal 2025: Exchanges 64.2%, Fixed Income and Data Services 19.1%, Mortgage Technology 16.6%.](https://www.getswoopr.com/images/charts/intercontinental-exchange-business-model-segment-mix.webp)
*Intercontinental Exchange revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Intercontinental Exchange Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Exchanges | $4.0 billion | 49.0% |
| Fixed Income and Data Services | $933 million | 38.6% |
| Mortgage Technology | $14 million | 0.7% |

Segment operating income is the profit measure Intercontinental Exchange reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Intercontinental Exchange more safely than against another company.

## What the Segment Figures Do Not Show

The rows above add up to 100% of Intercontinental Exchange's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Intercontinental Exchange reported in the segment note and revenue disclosures of its Form 10-K filed February 5, 2026 (accession 0001571949-26-000004), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Intercontinental Exchange's business segments?

In its fiscal 2025 Form 10-K, Intercontinental Exchange reports revenue for Exchanges, Fixed Income and Data Services and Mortgage Technology.

### Which part of Intercontinental Exchange brings in the most revenue?

Exchanges, with $8.1 billion of revenue in fiscal 2025, or 64% of the total.

### Where does Intercontinental Exchange report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 5, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: Intercontinental Exchange, Inc. Form 10-K filed February 5, 2026](https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/ice-20251231.htm)
- [SEC EDGAR: Intercontinental Exchange, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1571949&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Intercontinental Exchange company dossier](https://www.getswoopr.com/stocks/companies/intercontinental-exchange/)
- [Intercontinental Exchange financial metrics](https://www.getswoopr.com/stocks/companies/intercontinental-exchange/metrics/)
- [Intercontinental Exchange financial risk indicators](https://www.getswoopr.com/stocks/companies/intercontinental-exchange/risks/)
- [Intercontinental Exchange peer comparison](https://www.getswoopr.com/stocks/companies/intercontinental-exchange/competitors/)
- [Intercontinental Exchange business model and revenue mix](https://www.getswoopr.com/stocks/companies/intercontinental-exchange/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).