Filing Flows › Intercontinental Exchange (ICE) › How it makes money
How Intercontinental Exchange (ICE) makes money
Intercontinental Exchange (ICE) made $3.6B of revenue in the third quarter 2026 (Q3 2026), +19% from a year earlier. Exchanges brought in $2.4B (66%); Mortgage technology brought in $549M (15%); Fixed income data and analytics brought in $336M (9%). Of every dollar of revenue, 39¢ was left as operating profit, 26¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Exchanges | $2.4B | 66.2% | — | +26% |
| ↳ Cash equities and equity options | $997M | 27.4% | — | +42% |
| ↳ Energy futures and options | $603M | 16.6% | — | +25% |
| ↳ Servicing software | $229M | 6.3% | — | +6% |
| ↳ Data and network technology | $202M | 5.6% | — | +10% |
| ↳ Financial futures and options | $190M | 5.2% | — | +37% |
| ↳ Origination technology | $189M | 5.2% | — | +0.5% |
| Mortgage technology | $549M | 15.1% | — | +4% |
| Fixed income data and analytics | $336M | 9.2% | — | +8% |
| Listings | $130M | 3.6% | — | +4% |
| OTC and other | $112M | 3.1% | — | +13% |
| CDS clearing | $102M | 2.8% | — | +13% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $3.6B | 100.0% |
| Operating profit | $1.4B | 38.7% |
| Income tax | $286M | 7.9% |
| Net earnings | $940M | 25.8% |
| Operating cash flow | $1.2B | 31.9% |
| Free cash flow | $1.1B | 28.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $3.6B | +21% |
| Q2 2026 | $3.6B | +11% |
| Q1 2026 | $3.7B | +14% |
| Q4 2025 | $3.1B | +4% |
| Q3 2025 | $3.0B | -0.9% |
| Q2 2025 | $3.3B | +13% |
| Q1 2025 | $3.2B | +15% |
From Intercontinental Exchange's 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does Intercontinental Exchange make money?
Intercontinental Exchange (ICE) made $3.6B of revenue in the third quarter 2026 (Q3 2026), +19% from a year earlier. Exchanges brought in $2.4B (66%); Mortgage technology brought in $549M (15%); Fixed income data and analytics brought in $336M (9%). Of every dollar of revenue, 39¢ was left as operating profit, 26¢ was left as net earnings.
What is Intercontinental Exchange's biggest business?
Exchanges: $2.4B in the third quarter 2026, 66% of revenue, +26% from a year earlier.
What is Intercontinental Exchange's profit margin?
Net earnings were $940M, 25.8% of revenue, in the third quarter 2026; the operating margin was 38.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.