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Intercontinental Exchange

ICE NYSE Financial Exchanges & Data Financials FY2016–FY2025

Intercontinental Exchange's revenue rose 7.5% to $12.6 billion in fiscal 2025. Its operating margin was 39.0%, up from 36.6% a year earlier. Free cash flow was $4.3 billion, up 2.0%. It paid out $2.4 billion in dividends and buybacks, 56% of free cash flow. The diluted share count fell 0.2%.

Last close · Oct 23, 2026

$162.74

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$12.6B
7.5% vs prior year
Operating margin Operating income as a share of revenue.
39.0%
2.4 pts
Net income Profit after all expenses, interest and tax.
$3.3B
20.4%
Free cash flow Cash from operations minus capital spending.
$4.3B
2.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.7%
1.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$92.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.0x
On $7.08 EPS (TTM)

What Intercontinental Exchange does

Intercontinental Exchange (ICE) runs financial exchanges and clearing houses, and sells data and software to banks, companies, traders and mortgage lenders. It owns the New York Stock Exchange and futures exchanges for energy, farm products, metals and financial contracts. A clearing house stands between the buyer and seller of each trade so that neither has to worry about the other failing to pay.

It reports three segments. Exchanges, which trades and clears futures, options and stocks and sells related market data, accounted for 55% of revenue less transaction-based expenses in 2025. Fixed Income and Data Services sells bond pricing, reference data, indexes and analytics and clears credit default swaps, and accounted for 24%. Mortgage Technology sells software and networks that lenders use to originate, close and service U.S. home loans, and accounted for 21%.

Much of the revenue from data, listings and software is recurring, while trading and mortgage fees rise and fall with activity. ICE operates 13 regulated exchanges and six clearing houses in the U.S., the U.K., the European Union, Canada, Asia Pacific and the Middle East.

Legal name
Intercontinental Exchange, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 5, 2026
Accession · CIK
0001571949-26-000004
0001571949

Revenue and margins

Intercontinental Exchange had $12.6B of revenue in fiscal 2025, up 7.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $4.3B in fiscal 2025, 33.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Intercontinental Exchange returned $2.4B to shareholders in fiscal 2025, 56% of free cash flow. The diluted share count fell 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Intercontinental Exchange yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$19.8B and divides by 575.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.0x · peers 28.5x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Intercontinental Exchange can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $148.0B$1.8B$899M$844M$837M
Debt incl. finance leases $15.4B$18.1B$24.6B$23.4B$20.7B
Net debt / EBITDA −29.7x3.5x4.8x3.9x3.1x
Debt / equity 0.7x0.8x1.0x0.9x0.7x
Interest coverage 8.2x5.9x4.6x4.7x6.1x
Current ratio 1.0x1.1x1.0x1.0x1.0x
Quick ratio 1.0x1.1x1.0x1.0x1.0x
Total assets $193.5B$194.3B$136.1B$139.4B$136.9B
Total liabilities $170.8B$171.6B$110.3B$111.7B$107.9B
Shareholders' equity $22.7B$22.7B$25.7B$27.6B$28.9B
Net debt (− = net cash) −$132.5B$16.3B$23.7B$22.6B$19.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.9M

9 insiders

Of sales under plans

88%

$7.8M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 Douglas FoleySVP, HR & Administration Sold plan 1,600 $160.00 $0.3M Form 4
Sep 1, 2026 Benjamin JacksonPresident Sold plan 12,862 $160.09 $2.1M Form 4
Sep 1, 2026 Christopher Scott EdmondsPresident, Fixed Income & Data Sold plan 5,000 $160.59 $0.8M Form 4
Aug 26, 2026 Andrew J SurdykowskiGeneral Counsel Sold plan 4,574 $161.76 $0.7M Form 4
Aug 26, 2026 Martha A TirinnanziDirector Sold plan 1,340 $161.16 $0.2M Form 4
Aug 20, 2026 Douglas FoleySVP, HR & Administration Sold plan 1,600 $160.00 $0.3M Form 4
Aug 19, 2026 Warren GardinerChief Financial Officer Sold plan 2,491 $156.30 $0.4M Form 4
Aug 13, 2026 Martha A TirinnanziDirector Sold plan 141 $155.00 $0.0M Form 4
Aug 12, 2026 Mayur KapaniChief Technology Officer Sold plan 4,271 $151.20 $0.6M Form 4
Aug 5, 2026 Douglas FoleySVP, HR & Administration Sold 7,300 $148.88 $1.1M Form 4
Jul 16, 2026 Lynn C MartinPresident, NYSE Group Sold plan 15,882 $141.15 $2.2M Form 4
Jun 12, 2026 William Jefferson HagueDirector Sold plan 1,333 $139.46 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 85 / 88 / 8
Accruals ratio −0.7%−1.4%−1.0%
Altman Z'' 0.840.871.09

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Intercontinental Exchange ICE $92.1B 7.5% 39.0% 33.9% 7.7% 23.0x 8
S&P Global SPGI $134.0B 7.9% 42.2% 35.6% 11.7% 28.5x 7 Compare →
Nasdaq NDAQ $57.8B 11.7% 28.2% 24.1% 9.5% 28.0x 9 Compare →
Moody's MCO $83.8B 8.9% 43.4% 33.4% 31.1% 29.5x 9 Compare →
Coinbase COIN $43.3B 9.4% 20.0% 31.9% 14.5% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.0B $5.8B $6.3B $6.5B $8.2B $9.2B $9.6B $9.9B $11.8B $12.6B
Operating income $2.2B $2.4B $2.6B $2.7B $3.0B $3.4B $3.6B $3.7B $4.3B $4.9B
Interest expense $178M $187M $244M $285M $357M $423M $616M $808M $910M $803M
Pretax income $2.0B $2.5B $2.5B $2.5B $2.8B $5.7B $1.8B $2.9B $3.6B $4.3B
Income tax $586M −$28.0M $500M $521M $658M $1.6B $310M $456M $826M $976M
Net income $1.4B $2.5B $2.0B $1.9B $2.1B $4.1B $1.4B $2.4B $2.8B $3.3B
Diluted EPS $2.39 $4.25 $3.43 $3.42 $3.77 $7.18 $2.58 $4.19 $4.78 $5.77
Diluted shares 0.60B 0.59B 0.58B 0.57B 0.56B 0.57B 0.56B 0.57B 0.58B 0.58B
Cash flow
Cash from operations $2.1B $2.1B $2.5B $2.7B $2.9B $3.1B $3.6B $3.5B $4.6B $4.7B
Capital expenditure $250M $220M $134M $153M $207M $179M $225M $190M $406M $373M
Free cash flow $1.9B $1.9B $2.4B $2.5B $2.7B $2.9B $3.3B $3.4B $4.2B $4.3B
Depreciation and amortization $610M $535M $586M $662M $751M $1.0B $1.0B $1.2B $1.5B $1.6B
Stock-based compensation $124M $135M $130M $139M $139M $188M $155M $257M $231M $238M
Acquisitions $425M $423M $1.2B $352M $9.4B $66.0M $59.0M $10.2B $38.0M $19.0M
Share buybacks $50.0M $949M $1.2B $1.5B $1.2B $250M $632M $0.0M $0.0M $1.3B
Dividends paid $409M $476M $555M $621M $669M $747M $853M $955M $1.0B $1.1B
Dividends and buybacks $459M $1.4B $1.8B $2.1B $1.9B $997M $1.5B $955M $1.0B $2.4B
Balance sheet
Cash and short-term investments $1.4B $1.6B $64.6B $65.1B $83.6B $148.0B $1.8B $899M $844M $837M
Total debt $8.9B $7.9B $8.4B $10.4B $18.9B $15.4B $18.1B $24.6B $23.4B $20.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $57.1B $53.6B $66.7B $68.0B $87.2B $154.3B $156.9B $85.0B $89.1B $85.8B
Current liabilities $58.6B $54.2B $66.1B $68.8B $88.0B $153.4B $149.2B $84.6B $89.6B $84.1B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $1.1B $1.2B $1.2B — — — — — — —
Total assets $82.0B $78.3B $92.8B $94.5B $126.2B $193.5B $194.3B $136.1B $139.4B $136.9B
Total liabilities $66.2B $61.3B $75.5B $77.1B $106.6B $170.8B $171.6B $110.3B $111.7B $107.9B
Shareholders' equity $15.7B $17.0B $17.2B $17.3B $19.5B $22.7B $22.7B $25.7B $27.6B $28.9B
Margins
Operating margin 36.4% 40.7% 41.2% 40.8% 36.8% 37.6% 37.8% 37.3% 36.6% 39.0%
EBITDA margin 46.6% 49.9% 50.5% 50.9% 45.9% 48.6% 48.5% 49.6% 49.7% 51.3%
Net margin 24.0% 43.2% 31.7% 29.5% 25.3% 44.3% 15.0% 23.9% 23.4% 26.2%
FCF margin 31.8% 31.9% 38.2% 38.3% 32.4% 32.1% 34.6% 33.9% 35.7% 33.9%
Returns
Return on capital 6.7% 10.2% — — — — — 7.0% 6.7% 7.7%
Return on capital employed 9.3% 10.0% 10.2% 10.2% 9.5% 8.8% 8.5% 7.7% 8.5% 9.6%
Return on equity 9.4% 15.5% 11.6% 11.2% 11.4% 19.2% 6.4% 9.8% 10.3% 11.7%
Return on assets 1.8% 3.2% 2.3% 2.1% 1.9% 2.5% 0.8% 1.4% 2.0% 2.4%
Growth
Revenue growth 27.5% −2.1% 7.4% 4.3% 25.9% 11.2% 5.1% 2.8% 18.8% 7.5%
Net income growth 12.2% 76.6% −21.3% −2.8% 8.1% 94.3% −64.4% 63.8% 16.3% 20.4%
EPS growth 4.8% 77.8% −19.3% −0.3% 10.2% 90.5% −64.1% 62.4% 14.1% 20.7%
FCF growth 69.4% −1.8% 28.6% 4.5% 6.7% 10.1% 13.1% 0.7% 25.4% 2.1%
Share count change 7.2% −0.8% −2.5% −2.4% −1.8% 1.8% −0.7% 0.7% 2.0% −0.2%
Financial health
Net debt / EBITDA 2.7x 2.2x −17.7x −16.4x −17.1x −29.7x 3.5x 4.8x 3.9x 3.1x
Debt / equity 0.6x 0.5x 0.5x 0.6x 1.0x 0.7x 0.8x 1.0x 0.9x 0.7x
Interest coverage 12.2x 12.7x 10.6x 9.4x 8.5x 8.2x 5.9x 4.6x 4.7x 6.1x
Current ratio 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.1x 1.0x 1.0x 1.0x
Quick ratio 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.1x 1.0x 1.0x 1.0x
Capital allocation
Capex / revenue 4.2% 3.8% 2.1% 2.3% 2.5% 2.0% 2.3% 1.9% 3.5% 3.0%
Stock comp / revenue 2.1% 2.3% 2.1% 2.1% 1.7% 2.1% 1.6% 2.6% 2.0% 1.9%
Payouts / FCF 24.2% 76.4% 73.1% 83.0% 71.7% 33.9% 44.6% 28.5% 24.7% 55.9%
Quality scores
Piotroski F-score 6.0 6.0 7.0 4.0 7.0 5.0 6.0 5.0 5.0 8.0
Altman Z'' 0.5 0.7 0.8 0.7 0.6 0.5 0.8 0.8 0.9 1.1
Accruals ratio −0.9% 0.6% −0.6% −0.8% −0.7% 0.6% −1.1% −0.7% −1.4% −1.0%

Source: SEC EDGAR XBRL filings (CIK 0001571949). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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