ICE · Intercontinental Exchange, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $12.64B | $11.76B | $9.90B | $9.64B | $9.17B | $8.24B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $293.00M | $307.00M | $266.00M | $226.00M | $215.00M | $185.00M |
| Total Operating Expenses | $5.00B | $4.97B | $4.29B | $3.65B | $3.70B | $3.00B |
| D&A | $1.56B | $1.54B | $1.22B | $1.03B | $1.01B | $751.00M |
| Operating Income | $4.93B | $4.31B | $3.69B | $3.64B | $3.45B | $3.03B |
| Interest Expense | $803.00M | $910.00M | $808.00M | $616.00M | $423.00M | $357.00M |
| Income Tax | $976.00M | $826.00M | $456.00M | $310.00M | $1.63B | $658.00M |
| Net Income | $3.31B | $2.75B | $2.37B | $1.45B | $4.06B | $2.09B |
| EPS - Basic | $5.79 | $4.80 | $4.20 | $2.59 | $7.22 | $3.79 |
| EPS - Diluted | $5.77 | $4.78 | $4.19 | $2.58 | $7.18 | $3.77 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $837.00M | $844.00M | $899.00M | $150.34B | $147.98B | $1.99B |
| Accounts Receivable | $1.55B | $1.49B | $1.37B | $1.17B | $1.21B | $1.23B |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | $85.78B | $89.09B | $84.97B | $156.95B | $154.30B | $87.22B |
| Total Assets | $136.89B | $139.43B | $136.08B | $194.34B | $193.50B | $126.20B |
| Current Liabilities | $84.12B | $89.55B | $84.63B | $149.17B | $153.41B | $88.00B |
| Long-term Debt | $18.61B | $17.34B | $20.66B | $18.12B | $12.40B | $14.13B |
| Total Liabilities | $107.90B | $111.71B | $110.30B | $171.58B | $170.75B | $106.57B |
| Stockholders' Equity | $28.91B | $27.65B | $25.72B | $22.71B | $22.71B | $19.50B |
| Retained Earnings | $20.28B | $18.07B | $16.36B | $14.94B | $14.35B | $11.04B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.66B | $4.61B | $3.54B | $3.55B | $3.12B | $2.88B |
| Investing Cash Flow | ($4.25B) | ($921.00M) | ($8.80B) | $677.00M | ($786.00M) | ($9.83B) |
| Financing Cash Flow | ($6.33B) | $79.00M | ($64.34B) | ($1.84B) | $62.03B | $6.74B |
| CapEx | $373.00M | $406.00M | $190.00M | $225.00M | $179.00M | $207.00M |
| Free Cash Flow | $4.29B | $4.20B | $3.35B | $3.33B | $2.94B | $2.67B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 39.0% | 36.6% | 37.3% | 37.8% | 37.6% | 36.8% |
| EBITDA margin | 51.3% | 49.7% | 49.6% | 48.5% | 48.6% | 45.9% |
| Net margin | 26.2% | 23.4% | 23.9% | 15.0% | 44.3% | 25.3% |
| Free cash flow margin | 33.9% | 35.7% | 33.8% | 34.5% | 32.1% | 32.4% |
| FCF / Net income | 1.29 | 1.53 | 1.42 | 2.30 | 0.73 | 1.28 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 2.3% | 2.6% | 2.7% | 2.3% | 2.3% | 2.2% |
| Effective tax rate | 22.7% | 23.1% | 16.1% | 17.7% | 28.6% | 24.0% |
| Return on assets | 2.4% | 2.0% | 1.7% | 0.7% | 2.1% | 1.7% |
| Return on equity | 11.5% | 10.0% | 9.2% | 6.4% | 17.9% | 10.7% |
| Return on invested capital | 8.0% | 7.4% | 6.7% | 7.3% | 7.0% | 6.9% |
| Liquidity | ||||||
| Current ratio | 1.02 | 0.99 | 1.00 | 1.05 | 1.01 | 0.99 |
| Quick ratio | 1.02 | 0.99 | 1.00 | 1.05 | 1.01 | 0.99 |
| Cash ratio | 0.01 | 0.01 | 0.01 | 1.01 | 0.96 | 0.02 |
| Leverage | ||||||
| Debt / Equity | 0.64 | 0.63 | 0.80 | 0.80 | 0.55 | 0.72 |
| Debt / Assets | 0.14 | 0.12 | 0.15 | 0.09 | 0.06 | 0.11 |
| Debt / EBITDA | 2.87 | 2.97 | 4.21 | 3.88 | 2.78 | 3.73 |
| Interest coverage | 6.1x | 4.7x | 4.6x | 5.9x | 8.2x | 8.5x |
| Equity multiplier | 4.73 | 5.04 | 5.29 | 8.56 | 8.52 | 6.47 |
| Liabilities / Assets | 0.79 | 0.80 | 0.81 | 0.88 | 0.88 | 0.84 |
| Efficiency | ||||||
| Asset turnover | 0.09 | 0.08 | 0.07 | 0.05 | 0.05 | 0.07 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 45d | 46d | 50d | 44d | 48d | 54d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 28.1x | 31.2x | 30.7x | 39.8x | 19.0x | 30.6x |
| P / B | 3.2x | 3.1x | 2.8x | 2.5x | 3.4x | 3.3x |
| P / S | 7.4x | 7.3x | 7.3x | 6.0x | 8.4x | 7.8x |
| EV / EBITDA | 17.1x | 17.5x | 18.8x | -16.0x | -13.1x | 20.1x |
| Growth | ||||||
| Revenue growth (YoY) | 7.5% | 18.8% | 2.8% | 5.1% | 11.2% | 25.9% |
| Revenue CAGR (3y) | 9.5% | 8.7% | 6.3% | 13.8% | 13.5% | 12.2% |
| Revenue CAGR (5y) | 8.9% | 12.4% | 9.6% | 10.6% | 9.0% | 12.0% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 14.4% | 16.6% | 1.5% | 5.5% | 13.7% | 13.5% |
| Net income growth (YoY) | 20.4% | 16.3% | 63.8% | -64.4% | 94.3% | 8.1% |
| EPS growth (YoY) | 20.7% | 14.1% | 62.4% | -64.1% | 90.5% | 10.2% |
| EPS CAGR (3y) | 30.8% | -12.7% | 3.6% | -9.0% | 27.9% | -3.8% |
| EPS CAGR (5y) | 8.9% | 6.9% | 4.1% | -9.4% | 24.8% | -19.8% |
| FCF growth (YoY) | 2.0% | 25.4% | 0.7% | 13.1% | 10.1% | 6.7% |
| FCF CAGR (5y) | 9.9% | 10.9% | 6.9% | 12.3% | 9.2% | 19.0% |
| Book value growth (YoY) | 4.6% | 7.5% | 13.3% | -0.0% | 16.5% | 13.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$12.64B totalExchanges Segment$8.12B · 64.2%
Fixed Income And Data Services Segment$2.42B · 19.1%
Mortgage Technology Segment$2.10B · 16.6%
Product / service
$25.38B totalExchanges$8.12B · 32.0%
Cash Equityand Equity Options$3.18B · 12.5%
Technology Service$2.42B · 9.5%
Energy Futures And Options$2.18B · 8.6%
Mortgage Technology$2.10B · 8.3%
Fixed Income Data And Analytics$1.23B · 4.9%
Exchange Data$1.03B · 4.1%
Servicing Software$871.00M · 3.4%
Origination Technology$738.00M · 2.9%
Data And Network Technology$722.00M · 2.8%
Financial Futures And Options$608.00M · 2.4%
Listings$495.00M · 2.0%
OTCand Other Transactions$395.00M · 1.6%
CDSClearing$338.00M · 1.3%
Mortgage Technology Data And Analytics$269.00M · 1.1%
Agriculturaland Metals Futuresand Options Contracts$233.00M · 0.9%
Closing Solutions$223.00M · 0.9%
Fixed Income Execution$125.00M · 0.5%
Product And Service Net Interest Income$102.00M · 0.4%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.45
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Security & Commodity Brokers, Dealers, Exchanges & Services
Comparing Intercontinental Exchange against the 5 most active filers in the same SIC group.
Dividends
$1.96/share trailing 12 months · +7.1% YoY
| Ex-date | Per share |
|---|---|
| Mar 17, 2026 | $0.5200 |
| Dec 16, 2025 | $0.4800 |
| Sep 16, 2025 | $0.4800 |
| Jun 13, 2025 | $0.4800 |
| Mar 17, 2025 | $0.4800 |
| Dec 16, 2024 | $0.4500 |
| Sep 16, 2024 | $0.4500 |
| Jun 13, 2024 | $0.4500 |
| Mar 14, 2024 | $0.4500 |
| Dec 13, 2023 | $0.4200 |
| Sep 14, 2023 | $0.4200 |
| Jun 14, 2023 | $0.4200 |
| Mar 16, 2023 | $0.4200 |
| Dec 14, 2022 | $0.3800 |
| Sep 15, 2022 | $0.3800 |
| Jun 14, 2022 | $0.3800 |
| Mar 16, 2022 | $0.3800 |
| Dec 16, 2021 | $0.3300 |
| Sep 15, 2021 | $0.3300 |
| Jun 15, 2021 | $0.3300 |
| Mar 16, 2021 | $0.3300 |
| Dec 15, 2020 | $0.3000 |
| Sep 15, 2020 | $0.3000 |
| Jun 15, 2020 | $0.3000 |