Intercontinental Exchange, Inc.ICE
Intercontinental Exchange, Inc. Segments Disclosure
Segment Reporting
Our business is conducted through three reportable business segments:
•Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses;
•Fixed Income and Data Services: We provide fixed income pricing, reference data, indices, analytics and execution services, as well as global CDS clearing and multi-asset class data delivery technology; and
•Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle, from application through closing, servicing and the secondary market.
Our Chief Operating Decision Maker, or CODM, is our Chair and Chief Executive Officer. Our CODM uses operating income/(loss) to assess performance and allocate resources for each of our segments including decisions on product pricing and new products, strategic mergers and acquisitions, marketing costs, capital expenditures, employee headcount and compensation. Our CODM evaluates both budgeted and actual operating income/(loss) and the related growth, when assessing performance and making decisions about allocating resources as described above. The accounting policies of the reportable segments are the same as those described in Note 2.
The information and amounts presented in the tables below align with the segment-level information regularly provided to our CODM. While revenues are recorded specifically in the segment in which they are earned or to which they relate, a significant portion of our operating expenses are not solely related to a specific segment because the expenses serve functions that are necessary for the operation of more than one segment. We directly allocate expenses when reasonably possible to do so. Otherwise, we use a pro-rata revenue approach as the allocation method for the expenses that do not relate solely to one segment and serve functions that are necessary for the operation of all segments. Our significant expense categories are other operating expenses, depreciation and amortization expense and acquisition-related transaction and integration costs. Other operating expenses include the aggregate of compensation and benefits, professional services, technology and communication, rent and occupancy and selling, general and administrative expenses.
Our CODM does not review total assets or statements of income below operating income by segments; therefore, such information is not presented below. Our three segments do not engage in intersegment transactions.
During 2025, we changed the classification of a disaggregated revenue line item in our Fixed Income and Data Services segment previously presented as "other data and network services" to "data and network technology" within the tables below. This name change was made to better reflect the nature of the revenues included in this classification and did not impact the measurement or classification of revenue within this classification.
Financial data for our business segments are as follows for 2025, 2024 and 2023 (in millions):
Year Ended December 31, 2025 | |||||||||||||||||||||||
| Exchanges | Fixed Income and Data Services | Mortgage Technology | Consolidated | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Energy futures and options | $ | 2,182 | $ | — | $ | — | $ | 2,182 | |||||||||||||||
| Agricultural and metals futures and options | 233 | — | — | 233 | |||||||||||||||||||
| Financial futures and options | 608 | — | — | 608 | |||||||||||||||||||
| Cash equities and equity options | 3,176 | — | — | 3,176 | |||||||||||||||||||
| OTC and other | 395 | — | — | 395 | |||||||||||||||||||
| Data and connectivity services | 1,031 | — | — | 1,031 | |||||||||||||||||||
Listings | 495 | — | — | 495 | |||||||||||||||||||
| Fixed income execution | — | 125 | — | 125 | |||||||||||||||||||
| CDS clearing | — | 338 | — | 338 | |||||||||||||||||||
| Fixed income data and analytics | — | 1,234 | — | 1,234 | |||||||||||||||||||
| Data and network technology | — | 722 | — | 722 | |||||||||||||||||||
| Origination technology | — | — | 738 | 738 | |||||||||||||||||||
| Closing solutions | — | — | 223 | 223 | |||||||||||||||||||
| Servicing software | — | — | 871 | 871 | |||||||||||||||||||
| Data and analytics | — | — | 269 | 269 | |||||||||||||||||||
| Revenues | 8,120 | 2,419 | 2,101 | 12,640 | |||||||||||||||||||
| Transaction-based expenses | 2,709 | — | — | 2,709 | |||||||||||||||||||
| Revenues, less transaction-based expenses | 5,411 | 2,419 | 2,101 | 9,931 | |||||||||||||||||||
| Other operating expenses | 1,172 | 1,140 | 1,060 | 3,372 | |||||||||||||||||||
| Depreciation and amortization | 255 | 344 | 961 | 1,560 | |||||||||||||||||||
| Acquisition-related transaction and integration costs | 2 | 2 | 66 | 70 | |||||||||||||||||||
| Operating expenses | 1,429 | 1,486 | 2,087 | 5,002 | |||||||||||||||||||
| Operating income | $ | 3,982 | $ | 933 | $ | 14 | $ | 4,929 | |||||||||||||||
| Total other income/(expense), net | (583) | ||||||||||||||||||||||
| Income before income tax expense | $ | 4,346 | |||||||||||||||||||||
Year Ended December 31, 2024 | |||||||||||||||||||||||
| Exchanges | Fixed Income and Data Services | Mortgage Technology | Consolidated | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Energy futures and options | $ | 1,876 | $ | — | $ | — | $ | 1,876 | |||||||||||||||
| Agricultural and metals futures and options | 257 | — | — | 257 | |||||||||||||||||||
| Financial futures and options | 559 | — | — | 559 | |||||||||||||||||||
| Cash equities and equity options | 2,913 | — | — | 2,913 | |||||||||||||||||||
| OTC and other | 400 | — | — | 400 | |||||||||||||||||||
| Data and connectivity services | 947 | — | — | 947 | |||||||||||||||||||
Listings | 489 | — | — | 489 | |||||||||||||||||||
| Fixed income execution | — | 117 | — | 117 | |||||||||||||||||||
| CDS clearing | — | 343 | — | 343 | |||||||||||||||||||
| Fixed income data and analytics | — | 1,177 | — | 1,177 | |||||||||||||||||||
| Data and network technology | — | 661 | — | 661 | |||||||||||||||||||
| Origination technology | — | — | 713 | 713 | |||||||||||||||||||
| Closing solutions | — | — | 202 | 202 | |||||||||||||||||||
| Servicing software | — | — | 848 | 848 | |||||||||||||||||||
| Data and analytics | — | — | 259 | 259 | |||||||||||||||||||
| Revenues | 7,441 | 2,298 | 2,022 | 11,761 | |||||||||||||||||||
| Transaction-based expenses | 2,482 | — | — | 2,482 | |||||||||||||||||||
| Revenues, less transaction-based expenses | 4,959 | 2,298 | 2,022 | 9,279 | |||||||||||||||||||
| Other operating expenses | 1,063 | 1,129 | 1,137 | 3,329 | |||||||||||||||||||
| Depreciation and amortization | 260 | 326 | 951 | 1,537 | |||||||||||||||||||
| Acquisition-related transaction and integration costs | — | — | 104 | 104 | |||||||||||||||||||
| Operating expenses | 1,323 | 1,455 | 2,192 | 4,970 | |||||||||||||||||||
| Operating income/(loss) | $ | 3,636 | $ | 843 | $ | (170) | $ | 4,309 | |||||||||||||||
| Total other income/(expense), net | (681) | ||||||||||||||||||||||
| Income before income tax expense | $ | 3,628 | |||||||||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||
| Exchanges | Fixed Income and Data Services | Mortgage Technology | Consolidated | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Energy futures and options | $ | 1,498 | $ | — | $ | — | $ | 1,498 | |||||||||||||||
| Agricultural and metals futures and options | 271 | — | — | 271 | |||||||||||||||||||
| Financial futures and options | 460 | — | — | 460 | |||||||||||||||||||
| Cash equities and equity options | 2,298 | — | — | 2,298 | |||||||||||||||||||
| OTC and other | 398 | — | — | 398 | |||||||||||||||||||
| Data and connectivity services | 933 | — | — | 933 | |||||||||||||||||||
Listings | 497 | — | — | 497 | |||||||||||||||||||
| Fixed income execution | — | 124 | — | 124 | |||||||||||||||||||
| CDS clearing | — | 360 | — | 360 | |||||||||||||||||||
| Fixed income data and analytics | — | 1,118 | — | 1,118 | |||||||||||||||||||
| Data and network technology | — | 629 | — | 629 | |||||||||||||||||||
| Origination technology | — | — | 694 | 694 | |||||||||||||||||||
| Closing solutions | — | — | 179 | 179 | |||||||||||||||||||
| Servicing software | — | — | 288 | 288 | |||||||||||||||||||
| Data and analytics | — | — | 156 | 156 | |||||||||||||||||||
| Revenues | 6,355 | 2,231 | 1,317 | 9,903 | |||||||||||||||||||
| Transaction-based expenses | 1,915 | — | — | 1,915 | |||||||||||||||||||
| Revenues, less transaction-based expenses | 4,440 | 2,231 | 1,317 | 7,988 | |||||||||||||||||||
| Other operating expenses | 1,033 | 1,079 | 698 | 2,810 | |||||||||||||||||||
| Depreciation and amortization | 248 | 341 | 626 | 1,215 | |||||||||||||||||||
| Acquisition-related transaction and integration costs | — | — | 269 | 269 | |||||||||||||||||||
| Operating expenses | 1,281 | 1,420 | 1,593 | 4,294 | |||||||||||||||||||
| Operating income/(loss) | $ | 3,159 | $ | 811 | $ | (276) | $ | 3,694 | |||||||||||||||
| Total other income/(expense), net | (800) | ||||||||||||||||||||||
| Income before income tax expense | $ | 2,894 | |||||||||||||||||||||
No customer accounted for more than 10% of our consolidated revenues, less transaction-based expenses during 2025, 2024, or 2023.
Geographical Information
The following represents our revenues, less transaction-based expenses, net assets and net property and equipment based on the geographic location (in millions):
| United States | Foreign Countries | Total | |||||||||||||||
Revenues, less transaction-based expenses: | |||||||||||||||||
Year ended December 31, 2025 | $ | 6,316 | $ | 3,615 | $ | 9,931 | |||||||||||
Year ended December 31, 2024 | $ | 6,038 | $ | 3,241 | $ | 9,279 | |||||||||||
Year ended December 31, 2023 | $ | 5,246 | $ | 2,742 | $ | 7,988 | |||||||||||
Net assets: | |||||||||||||||||
As of December 31, 2025 | $ | 21,252 | $ | 7,739 | $ | 28,991 | |||||||||||
As of December 31, 2024 | $ | 20,235 | $ | 7,485 | $ | 27,720 | |||||||||||
Property and equipment, net: | |||||||||||||||||
As of December 31, 2025 | $ | 2,359 | $ | 332 | $ | 2,691 | |||||||||||
As of December 31, 2024 | $ | 1,865 | $ | 288 | $ | 2,153 | |||||||||||
The foreign countries category above primarily relates to the U.K. and to a lesser extent, EU, India, Israel, Canada and Singapore.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 5, 2026 | Showing above |
| 2024 | Feb 6, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 2, 2023 | |
| 2021 | Feb 3, 2022 | |
| 2020 | Feb 4, 2021 | |
| 2019 | Feb 6, 2020 | |
| 2018 | Feb 7, 2019 | |
| 2017 | Feb 7, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.