Intercontinental Exchange
ICE · NYSESecurity & Commodity Brokers, Dealers, Exchanges & Services · Fiscal year ends Dec 31
Intercontinental Exchange reported revenue of $12.6B in the fiscal year ended Dec 2025, up 7.5% from the year before. Operating income was $4.9B, an operating margin of 39.0%, and net income was $3.3B. Operating cash flow of $4.7B less capital expenditure of $373M left free cash flow of $4.3B. Net debt was $18.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $9.2B | $9.6B | $9.9B | $11.8B | $12.6B |
| Selling, general & admin | $215M | $226M | $266M | $307M | $293M |
| Operating income | $3.4B | $3.6B | $3.7B | $4.3B | $4.9B |
| Interest expense | $423M | $616M | $808M | $910M | $803M |
| Pre-tax income | $5.7B | $1.8B | $2.9B | $3.6B | $4.3B |
| Income tax | $1.6B | $310M | $456M | $826M | $976M |
| Net income | $4.1B | $1.4B | $2.4B | $2.8B | $3.3B |
| Diluted EPS | 7.18 | 2.58 | 4.19 | 4.78 | 5.77 |
| Diluted shares | 565M | 561M | 565M | 576M | 575M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $607M | $1.8B | $899M | $844M | $837M |
| Receivables | $1.2B | $1.2B | $1.4B | $1.5B | $1.6B |
| Current assets | $154B | $157B | $85B | $89.1B | $85.8B |
| Goodwill | $21.1B | $21.1B | $30.6B | $30.6B | $30.6B |
| Total assets | $194B | $194B | $136B | $139B | $137B |
| Deferred revenue | $194M | $170M | $200M | $236M | $204M |
| Current liabilities | $153B | $149B | $84.6B | $89.6B | $84.1B |
| Short-term debt | $1.5B | $4M | $2B | $3B | $1B |
| Long-term debt | $12.4B | $18.1B | $20.7B | $17.3B | $18.6B |
| Total liabilities | $171B | $172B | $110B | $112B | $108B |
| Shareholders' equity | $22.7B | $22.7B | $25.7B | $27.6B | $28.9B |
| Backlog (remaining obligations) | – | – | $4B | $3.5B | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.1B | $3.6B | $3.5B | $4.6B | $4.7B |
| Capital expenditure | $179M | $225M | $190M | $406M | $373M |
| Free cash flow | $2.9B | $3.3B | $3.4B | $4.2B | $4.3B |
| Depreciation & amortisation | $1B | $1B | $1.2B | $1.5B | $1.6B |
| Stock-based compensation | $188M | $155M | $257M | $231M | $238M |
| Acquisitions | $66M | $59M | $10.2B | $38M | $19M |
| Share buybacks | $250M | $632M | $0 | $0 | $1.3B |
| Dividends paid | $747M | $853M | $955M | $1B | $1.1B |
| Dividend per share | 1.32 | 1.52 | 1.68 | 1.80 | 1.92 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.1% | 2.8% | 18.8% | 7.5% |
| Operating income growth (YoY) | – | 5.5% | 1.5% | 16.6% | 14.4% |
| EPS growth (YoY) | – | −64.1% | 62.4% | 14.1% | 20.7% |
| Operating margin | 37.6% | 37.8% | 37.3% | 36.6% | 39.0% |
| Net margin | 44.3% | 15.0% | 23.9% | 23.4% | 26.2% |
| Return on equityBlank when equity is negative | 17.9% | 6.4% | 9.2% | 10.0% | 11.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.6% | 8.1% | 7.2% | 8.6% | 9.3% |
| Free cash flow margin | 32.1% | 34.5% | 33.8% | 35.7% | 33.9% |
| Cash conversion (CFO ÷ net income) | 0.77x | 2.46x | 1.50x | 1.67x | 1.41x |
| Receivable days | 48 | 44 | 50 | 46 | 45 |
| Interest cover | 8.15x | 5.91x | 4.57x | 4.74x | 6.14x |
| Debt ÷ equity | 0.61x | 0.80x | 0.88x | 0.74x | 0.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $13.3B | $16.3B | $21.7B | $19.5B | $18.8B |
| Current ratio | 1.01x | 1.05x | 1.00x | 0.99x | 1.02x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.