Not quite. ICANN Fees ICANN charges a fee for each domain name registered. The fee is 20 cents per domain. The domain registrars pay additional fees to ICANN

Not quite. ICANN Fees ICANN charges a fee for each domain name registered. The fee is 20 cents per domain. The domain registrars pay additional fees to ICANN, but it's hardly anywhere near the 90+% you quoted.