How Intercontinental Exchange makes money

Period

FY2025

How does Intercontinental Exchange make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Intercontinental Exchange Inc. · FY2025 · year ended 2025-12-31

Revenue$12.6BGross profit$12.6B · 100%Cost of revenue$0 · 0%Operating income$4.9B · 39%Operating expenses$7.7B · 61%SG&A$293M · 2%Other opex$7.4B · 59%Pre-tax income$4.3B · 34%Other expense$638M · 5%Net income$3.3B · 26%Income tax$976M · 8%Energy Futures & Options$2.2B · 17%Mortgage Technology$2.1B · 17%Fixed Income Data & Analytics$1.2B · 10%Exchange Data$1.0B · 8%Servicing Software$871M · 7%Origination Technology$738M · 6%Data & Network Technology$722M · 6%Financial Futures & Options$608M · 5%Listings$495M · 4%OT Cand Other Transactions$395M · 3%CDS Clearing$338M · 3%Mortgage Technology Data & Analytics$269M · 2%Agriculturaland Metals Futuresand Options Contracts$233M · 2%Closing Solutions$223M · 2%Fixed Income Execution$125M · 1%Other revenue$1.1B · 9%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.