Over the last five years, ICE's Exchanges segment grew revenue 8% and profits 10% annually, with margins expanding to 75%.

Judge as of 2026-08-12, using the five-year period ending with the latest reported fiscal year or trailing period. The test is ICE's Exchanges segment: compound annual revenue growth of about 8%, annual operating-profit growth of about 10%, and an operating margin of about 75%. True: figures from ICE's segment reporting give revenue growth of 7–9% a year, profit growth of 9–11% a year and a margin of 73–77% that has risen over the period. Mostly true: all three are close but one is slightly outside those bands (within about 1.5 points), or the result depends on a reasonable choice of start year or of net-revenue versus gross-revenue basis. Mixed: one or two of the three figures hold, and the others are materially off. Mostly false: the direction is right (growth and margin expansion) but most of the figures are materially off. False: the segment did not grow, or the margins did not expand or are far from 75%.

Set before the research began.

1. E1 Intercontinental Exchange Reports Fourth Quarter & Full Year 2021 Intercontinental Exchange (ICE) via Business Wire · 3 February 2022

   “Full year exchange net revenues were $3.9 billion, up 6% year-over-year. Exchange operating expenses were $1.3 billion and on an adjusted basis, were $1.2 billion for the full year. Segment operating income for 2021 was $2.5 billion and the operating margin was 65%.”

2. E2 Intercontinental Exchange Reports Fourth Quarter & Full Year 2021 Intercontinental Exchange (ICE) via Business Wire · 3 February 2022

   “| Segment Revenue | $3,856 | $3,631 | 6% |”

3. E3 2/6/2025 U.S. Securities and Exchange Commission (ICE Exhibit 99.1, Intercontinental Exchange Reports Strong Full Year 2024 Results) · 6 February 2025

   “Full year exchange net revenues were $5.0 billion, up 12% year-over-year. Exchange operating expenses were $1.3 billion and on an adjusted basis, were $1.2 billion for the full year. Segment operating income for 2024 was $3.6 billion and the operating margin was 73%.”

4. E4 2/6/2025 U.S. Securities and Exchange Commission (ICE Exhibit 99.1, Intercontinental Exchange Reports Strong Full Year 2024 Results) · 6 February 2025

   “On an adjusted basis, operating income was $3.7 billion and the adjusted operating margin was 75%.”

5. E5 Intercontinental Exchange Reports Fourth Quarter & Full Year 2021 Intercontinental Exchange (ICE) via Business Wire · 3 February 2022

   “Segment operating income for 2021 was $2.5 billion and the operating margin was 65%. On an adjusted basis, operating income was $2.7 billion and the adjusted operating margin was 69%.”

6. E6 Intercontinental Exchange Reports Fourth Quarter & Full Year 2021 Intercontinental Exchange (ICE) via Business Wire · 3 February 2022

   “Full year exchange net revenues were $3.9 billion, up 6% year-over-year.”

7. E7 Intercontinental Exchange Reports Strong Full Year 2024 Results (Exhibit 99.1) Intercontinental Exchange (ICE), filed with the U.S. SEC

   “Segment operating income for 2024 was $3.6 billion and the operating margin was 73%. On an adjusted basis, operating income was $3.7 billion and the adjusted operating margin was 75%.”

8. E8 Intercontinental Exchange Reports Strong Full Year 2024 Results (Exhibit 99.1) Intercontinental Exchange (ICE), filed with the U.S. SEC

   “Full year exchange net revenues were $5.0 billion, up 12% year-over-year.”

9. E9 2025 Letter to Shareholders Intercontinental Exchange (ICE) investor relations · 31 March 2026

   “In our Exchanges segment, net revenues1 reached a record $5.4 billion, driven by record activity across our global energy and interest rate complexes, along with continued growth in exchange data services and listings.”

10. E10 Intercontinental Exchange, Inc. ICE revenue by segment, product and geography TrendNalysis

    “In its fiscal year ending 2025-12-31, Intercontinental Exchange, Inc. reported revenue across 3 business segments; the largest, Exchanges Segment, was $8.12B, 64.2% of the filed sum (+9.1% against the prior period in the same filing).”

11. E11 Intercontinental Exchange, Inc. ICE revenue by segment, product and geography TrendNalysis

    “Exchanges Segment$3.98B80.8%+9.5% yoy”

12. E12 2021 Letter to Shareholders Intercontinental Exchange (ICE) investor relations · 25 March 2022

    “In our Exchanges segment, which includes our futures network as well as the New York Stock Exchange, net revenues2 increased 6% year-over-year to a record $3.9 billion.”

ICE reported Exchanges net revenue of $3,631M for 2020 (E2) and $5.4B for 2025 (E9). That works out to about 8.3% compound annual growth, inside the 7–9% band. The operating margin rose from 65% GAAP and 69% adjusted in 2021 (E5) to 73% GAAP and 75% adjusted in 2024 (E3, E4, E7), so margins did expand to about 75%. None of the evidence gives segment operating income for 2020 or 2025 (the E11 figure is unlabelled). Profit growth can only be measured for 2021–2024: about 13% a year on a GAAP basis and about 11% adjusted, which is consistent with but does not confirm the 10% figure, so the overall verdict is mostly true rather than true.