FirmAtlas
Company handbook · ICE · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
ICE · CIK 1571949 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
INTERCONTINENTAL EXCHANGE, INC.
$161.56
+3.15 (+1.99%)
Close, Oct 16, 2026 · 52-week $122–176
Last fiscal year
INTERCONTINENTAL EXCHANGE, INC. reported revenue of $12.6B for the year ended Dec 31, 2025 (FY25), up 7.5% from FY24. Net income was $3.3B, operating cash flow $4.7B and free cash flow $4.3B. Source: 10-K filed Feb 5, 2026.
Market cap
$91.6B
P/E
22.7
EV/EBITDA
5.0x
P/B
3.1
Div yield
1.26%
Revenue 1Y
7.5%/yr
EPS 1Y
20.7%/yr
Shares 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJeffrey C. Sprecher
HQAtlanta, GA
AuditorErnst & Young LLP
Year endsDecember
Revenue by segment · FY25
Exchanges64%
Fixed Income And Data Services19%
Mortgage Technology17%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
11.5%
4.5%
13.0%
5.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$4.3B deployed
Capex
$779M
18.2%
Acquisitions
$57M
1.3%
Dividends
$2.1B
50.2%
Buybacks
$1.3B
30.3%
Operating cash flow over the period: $9.3B. Total debt changed by −$724M.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
11,761
12,640+7.5%
13,426
YoY
+7.5%
Operating income
4,309
4,929+14.4%
5,467
Operating margin
36.6%
39.0%+2.4 pp
—
EBITDA
5,846
6,489+11.0%
—
EBITDA margin
49.7%
51.3%+1.6 pp
—
Interest expense
910
803−11.8%
—
Interest coverage
6.42x
8.08x+1.66x
—
Net income
2,754
3,315+20.4%
4,038
YoY
+20.4%
Net margin
23.4%
26.2%+2.8 pp
—
EPS (diluted, $)
4.78
5.77+20.7%
7.09
YoY
+20.7%
Balance sheet
Total assets
139,428
136,887−1.8%
174,247
Cash & short-term investments
84,503
78,614−7.0%
—
Accounts receivable
1,490
1,552+4.2%
—
Other assets
53,435
56,721+6.1%
—
Total liabilities
111,781
107,972−3.4%
144,696
Accounts payable
1,051
1,078+2.6%
—
Total debt
20,368
19,644−3.6%
19,846
Other liabilities
90,362
87,250−3.4%
—
Shareholders’ equity
27,647
28,915+4.6%
29,551
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,609
4,662+1.1%
5,514
Net income
2,802
3,370+20.3%
—
Depreciation & amortization
1,537
1,560+1.5%
—
Stock-based compensation
231
238+3.0%
—
Working capital & other
39
(506)−1397.4%
—
Cash from investing
(921)
(4,249)n/m
—
Capex
(406)
(373)n/m
—
Acquisitions
(38)
(19)n/m
—
Other investing
(477)
(3,857)n/m
—
Cash from financing
79
(6,334)−8117.7%
—
Debt raised
739
1,234+67.0%
—
Debt repaid
(1,600)
(2,500)n/m
—
Dividends
(1,039)
(1,105)n/m
—
Buybacks
0
(1,294)n/m
—
Other financing
1,979
(2,669)−234.9%
—
Net change in cash
3,753
(5,889)−256.9%
—
Free cash flow (OCF − capex)
4,203
4,289+2.0%
5,078
Where the cash went
Operating cash flow
4,609
4,662+1.1%
5,514
Reinvested in the business
444
392−11.7%
—
% of operating cash flow
9.6%
8.4%
Capex
406
373−8.1%
436
Acquisitions
38
19−50.0%
—
Free cash flow
4,203
4,289+2.0%
5,078
YoY
+2.0%
Returned to shareholders
1,039
2,399+130.9%
—
% of free cash flow
24.7%
55.9%
Dividends
1,039
1,105+6.4%
—
Buybacks
0
1,294n/m
—
Change in total debt
—
(724)
—
Cash left over
—
1,147
—
FCF conversion (FCF ÷ net income)
152.6%
129.4%−23.2 pp
—
Owner earnings
—
4,467
—
Owner earnings margin
—
35.3%
—
Buyback yield
—
1.4%
—
Returns & ratios
ROIC (operating)
758.1%
837.3%+79.2 pp
—
Net debt / EBITDA
−10.97x
−9.09x+1.88x
—
Debt / equity
0.74x
0.68x−0.06x
—
ROE
10.0%
11.5%+1.5 pp
—
ROA
2.0%
2.4%+0.4 pp
—
ROCE
8.6%
9.3%+0.7 pp
—
NOPAT
3,328
3,822+14.8%
—
Invested capital (operating)
439
474+8.0%
—
Invested capital (all)
(36,488)
(30,055)n/m
—
Reinvestment rate
—
0.9%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
3,007
3,142
3,666
3,611
vs year-ago quarter
Operating income
1,174
1,237
1,665
1,391
Net income
816
851
1,413
958
vs year-ago quarter
Net margin
27.1%
27.1%
38.5%
26.5%
EPS (diluted, $)
1.42
1.50
2.48
1.69
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
140,901
136,887
179,177
174,247
Cash & equivalents
85,821
78,614
119,430
116,553
Total debt
19,033
19,644
20,370
19,846
Shareholders’ equity
28,644
28,915
29,478
29,551
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
915
1,275
1,326
1,998
Capex
62
166
64
144
Free cash flow
853
1,109
1,262
1,854
vs year-ago quarter