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% |
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.