Intercontinental Exchange
ICE NYSE· Financial Exchanges & Data
Last close · Oct 26, 2026
$160.05
KIRA · Stoqly’s AI analyst, in plain words
- Intercontinental Exchange had $12.6B of revenue in fiscal 2025, up 7.5% on the year before. Over five years, revenue changed +8.9% a year on average.
- Its operating margin was 39.0%, up 2.4 pts: of every 100 in sales, about 39 is left after running the business.
- Intercontinental Exchange made $3.3B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 10.3% a year.
- Free cash flow was $4.3B in fiscal 2025, 33.9% of revenue.
- Intercontinental Exchange returned $2.4B to shareholders in fiscal 2025, 56% of free cash flow. The diluted share count fell 0.2%.
- Intercontinental Exchange owes $19.8B more than it holds in cash, about 3.1 years of operating profit.
Market cap
$90.6B
P/E
22.6x
Revenue
$12.6B
Net income
$3.3B
Free cash flow
$4.3B
Operating margin
39.0%
Intercontinental Exchange in 30 seconds · fiscal 2025
Are sales growing?
+7.5%
Yes. Sales grew 7.5% last year.
Does it make a profit?
26.2%
Yes. It keeps 26.2% of every sale as profit.
Does profit turn into cash?
33.9%
Yes. 33.9% of sales ends up as free cash.
Is debt under control?
3.1x
Heavy. Repaying its debt would take 3.1 years of operating profit.
How healthy are the accounts?
8 / 8
Solid. It passes 8 of 8 health tests.
How is the share priced?
22.6x
One share costs 22.6 times its yearly profit per share. Typical for its sector: 13.7x.
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%.
Biggest risks, in its own words
- Lower trading volumes, volatility or market activity, which reduce its trading and mortgage revenue.
- Cyberattacks and system failures, since its role in the financial system makes it a target.
- Risks from owning clearing houses, such as a clearing member defaulting or margin collateral losing value.
- Regulatory responsibilities and rule changes affecting its exchanges, market data and listing revenue.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 5, 2026
- Legal name
- Intercontinental Exchange, Inc.
- CIK
- 0001571949
Intercontinental Exchange · ICE
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $9.2B | $9.6B | $9.9B | $11.8B | $12.6B |
| Revenue growth | 11.2% | 5.1% | 2.8% | 18.8% | 7.5% |
| Operating margin | 37.6% | 37.8% | 37.3% | 36.6% | 39.0% |
| Net income | $4.1B | $1.4B | $2.4B | $2.8B | $3.3B |
| Net margin | 44.3% | 15.0% | 23.9% | 23.4% | 26.2% |
| Diluted EPS | $7.18 | $2.58 | $4.19 | $4.78 | $5.77 |
| Cash | |||||
| Cash from operations | $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 |
| FCF margin | 32.1% | 34.6% | 33.9% | 35.7% | 33.9% |
| Dividends paid | $747M | $853M | $955M | $1.0B | $1.1B |
| Share buybacks | $250M | $632M | $0.0M | $0.0M | $1.3B |
| Share count change | 1.8% | −0.7% | 0.7% | 2.0% | −0.2% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $22.7B | $22.7B | $25.7B | $27.6B | $28.9B |
| Net debt / EBITDA | −29.7x | 3.5x | 4.8x | 3.9x | 3.1x |
| Current ratio | 1.0x | 1.1x | 1.0x | 1.0x | 1.0x |
| Interest coverage | 8.2x | 5.9x | 4.6x | 4.7x | 6.1x |
| Returns and quality | |||||
| Return on capital | — | — | 7.0% | 6.7% | 7.7% |
| Return on equity | 19.2% | 6.4% | 9.8% | 10.3% | 11.7% |
| Piotroski F-score | 5 | 6 | 5 | 5 | 8 |
| Altman Z'' | 0.5 | 0.8 | 0.8 | 0.9 | 1.1 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$91.3M
12 insiders
Of sales under plans
99%
$90.2M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Intercontinental Exchange · ICE
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Intercontinental Exchange ICE | $90.6B | 7.5% | 39.0% | 33.9% | 7.7% | 22.6x | 8 |
| S&P Global SPGI | $134.1B | 7.9% | 42.2% | 35.6% | 11.7% | 28.5x | 7 |
| Nasdaq NDAQ | $59.0B | 11.7% | 28.2% | 24.1% | 9.5% | 28.6x | 9 |
| Moody's MCO | $84.0B | 8.9% | 43.4% | 33.4% | 31.1% | 29.5x | 9 |
| Coinbase COIN | $42.0B | 9.4% | 20.0% | 31.9% | 14.5% | — | 4 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $160.05 a share, the company is worth $90.6B: 22.6 times its earnings of the last four quarters.
Intercontinental Exchange grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 0 of 3.
Source: SEC EDGAR XBRL filings (CIK 0001571949). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.