CoverageForm 410-K10-Q8-K13D13G13F

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.

Price · ICE

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 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 itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 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 itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 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

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Profitability
Gross margin------
Operating margin39.0%36.6%37.3%37.8%37.6%36.8%
EBITDA margin51.3%49.7%49.6%48.5%48.6%45.9%
Net margin26.2%23.4%23.9%15.0%44.3%25.3%
Free cash flow margin33.9%35.7%33.8%34.5%32.1%32.4%
FCF / Net income1.291.531.422.300.731.28
R&D / Revenue------
SG&A / Revenue2.3%2.6%2.7%2.3%2.3%2.2%
Effective tax rate22.7%23.1%16.1%17.7%28.6%24.0%
Return on assets2.4%2.0%1.7%0.7%2.1%1.7%
Return on equity11.5%10.0%9.2%6.4%17.9%10.7%
Return on invested capital8.0%7.4%6.7%7.3%7.0%6.9%
Liquidity
Current ratio1.020.991.001.051.010.99
Quick ratio1.020.991.001.051.010.99
Cash ratio0.010.010.011.010.960.02
Leverage
Debt / Equity0.640.630.800.800.550.72
Debt / Assets0.140.120.150.090.060.11
Debt / EBITDA2.872.974.213.882.783.73
Interest coverage6.1x4.7x4.6x5.9x8.2x8.5x
Equity multiplier4.735.045.298.568.526.47
Liabilities / Assets0.790.800.810.880.880.84
Efficiency
Asset turnover0.090.080.070.050.050.07
Inventory turnover------
Days sales outstanding45d46d50d44d48d54d
Days inventory outstanding------
Days payable outstanding------
Cash conversion cycle------
Valuation
P / E28.1x31.2x30.7x39.8x19.0x30.6x
P / B3.2x3.1x2.8x2.5x3.4x3.3x
P / S7.4x7.3x7.3x6.0x8.4x7.8x
EV / EBITDA17.1x17.5x18.8x-16.0x-13.1x20.1x
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 total
Exchanges 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 total
Exchanges$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

CompanyRevenue (last FY)Net marginROE
CME$6.52B62.5%14.2%
LPLA$16.99B5.1%16.1%
TW$2.05B39.6%12.5%
SNEX$132.38B0.2%12.9%
NDAQ$8.26B21.6%14.6%

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-datePer 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